What is 1040EZ Form

1040EZ Form is one of the forms used to file federal income tax. Aside from the 1040EZ form, the other forms that are used to perform similar duties include 1040 and  1040A. While these two forms are often used for filing more complicated federal income taxes, Form 1040EZ is used for basic tax situations and is generally easy to file.

Note: In the 2108 tax year, the form was discontinued in favor of the new form 1040. However, anyone who is yet to file his or her tax return with 1040EZ form as of 2017 and earlier can do this by visiting the Income Tax Return (IRS) website.

Conditions For Using 1040EZ Form

The major requirements for using the form include:

• Taxable income not up to $100,000

• Interest income not up to $1,500

• No dependents claim

The above-mentioned conditions are the basic principles that qualify you as a taxpayer to use 1040EZ Form, other conditions include:

If the taxpayer filing for the form is married and wants to file a joint form, the couple must not be more than 65 years during the filing period.

The taxpayer must not be blind at the period of filing.

The taxpayer is not liable for any deductions such as educator expenses, student loan interest, tuition and fees and other forms of itemized deductions.

If the taxpayer received any income interest, he or she would not be required to file Schedule B, and would not have any amount in boxes 6 and 10 of Form 1099-OID or boxes 11, 12 and 13 of Form 1099 INT.

Tax credits for health coverage, retirement savings and education are not allowed.

The filer is not expected to receive any advanced earned income credit (EIC). He or she can only claim EIC during the filing process.

The filer is not expected to be a debtor guilty of any of the Chapter 11 Bankruptcy Case filed after October 16, 2005.

The filer is also not expected to owe any household employee taxes, especially the ones paid on household employees.

Information on 1040EZ Form

As prevalent with other 1040 forms, 1040EZ requires that you start filling with your personal information, these include your social security number and your filing status.

Next, you fill your wages or salary.

Fill your taxable interest for the year not up to $1,500

Compensation for unemployment and Alaska Permanent Fund dividend

Note: if you have other sources of income like capital gain or you are a sole proprietor or contractor, you won't be able to use 1040EZ.

Other information to fill includes information on your payments, paid tax and credits information. You can add other taxes you have already paid to the form before calculating the amount you would be paying the government.