what is form 1040A or form 1040EZ about? who can file it? what kind of income will be able to file using that form?
2006-08-25 13:23:09 · 6 answers · asked by wlove 2 in Business & Finance ➔ Taxes ➔ United States
plz help? thanks for any help that i can get
2006-08-25 13:25:57 · update #1
A 1040, 1040A, or 1040EZ is the basic form for filing income taxes. Everybody who files uses one of them. Anybody is allowed to use a 1040. If your return is very simple, you might be able to use 1040EZ. 1040A is somewhere in between, and 1040 allows everything. The form you can use depends on types of income, whether or not you have any dependents, and what deductions you have.
If all of your income is from salaries, wages, unemployment comp, interest less than $1500, and taxable scholarships, you might be able to use 1040EZ if you're single or married filing joint, and claim no dependents. It's the simplest form, is just one side of a page. There are a few other rules for it too (see below). If you are eligible to use a 1040EZ you can use either of the others instead, but probably wouldn't want to since they're longer and more complicated.
You can probably use a 1040A if your income includes IRA or pension distributions, capital gains distributions, interest over $1500 and dividends, in addition to the types allowed on 1040EZ.. There are some other rules for being eligible for 1040A also.
If your total income is over $100,000, you itemize deductions, owe any self-employment tax, or have certain types of adjustments to income, you have to use a 1040.
If you want to read more detail, go to irs.gov and download publication 17. The info on which form to use starts on page 8 and goes for a couple pages.
2006-08-25 18:19:22 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
in order to file a form 1040ez you either have to be single or married and you cannot have any kids and you cannot have any income other than from a regular job where you get a w2 at the end of the year. With a 1040A you can have kids but the income situation is the same as with the EZ. If you have income from self employment or rental property or anything along those lines then you have to rile a regular 1040.
2006-08-26 16:56:02 · answer #2 · answered by snail 4 · 0⤊ 0⤋
A 1040A is a long form that you use when you itemize. That means you turn in every possible thing on your taxes that you can, such as daycare, taxes on your home, prescriptions, donations, all sorts of things. But you have to have a certain amount to turn in to be able to do that and how much depends on your family size, your income and all that stuff. A single person that pays rent usually uses the 1040EZ. That is the most common form.
2006-08-25 20:33:34 · answer #3 · answered by falangie5555 1 · 0⤊ 1⤋
They're both variations on the individual income tax form.
1040A: A simplified version of Form 1040, U.S. Individual Income Tax Return. You can usually use this form if you do not itemize or own a business and your taxable income is under $50,000.
1040EZ: The simplest version of Form 1040, U.S. Individual Income Tax Return, used by taxpayers with no deductions, no adjustments, income of only wages, interest, or unemployment compensation, and no dependents.
2006-08-25 20:30:11 · answer #4 · answered by lepninja 5 · 0⤊ 0⤋
1040A and 1040EZ are for people who are not fabulously rich or do not have alot to claim. the EZ form is really the best cause it's fast and easy.
2006-08-25 20:31:06 · answer #5 · answered by happygirl 3 · 0⤊ 0⤋
they are almost the same i used to file the ez then i found i got more money back from a i think if you make 40 grand or less you can use them
2006-08-25 20:36:11 · answer #6 · answered by steamroller98439 6 · 0⤊ 0⤋