Should I use 1040 or 1040EZ?

Question

I only have 1 W-2, Single, and no other deductions everything is coming straight from my W-2. I did some numbers from using both forms and my refund was different from 1040 & 1040EZ. why is this? 1040 said I get all of what went to federal, but 1040EZ was short about $703

Ok maybe i'm doing something wrong Can some one please do like a practice run of what i might get,,, Wages=$15,490 Fed tax with-held=$1685

Tax forms
1040 - http://www.irs.gov/pub/irs-pdf/i1040gi.pdf

1040Ez - http://www.irs.gov/pub/irs-pdf/i1040ez.pdf

http://www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3

http://www.irs.gov/pub/irs-pdf/f1040ez.pdf?portlet=3

These the PDF files to enter the information.

Answer 1

Then you're doing something wrong. The two forms should give the same answer. On the 1040, you'll have a lot of lines where you don't enter anything. But you shouldn't get a different refund depending on the form you use.

Your gross income (box 1 of your W-2) would go onto line 1 of each form. LIne 4 of 1040EZ and line 37 of 1040 should be the same, and would be equal to line 1.

Line 5 of EZ would be $8450. Line 40 of the 1040 would be $5150, and line 32 would be $3300. Taxable income, line 6 on EZ and line 43 on 1040, should be the same, and should be your gross income minus 8450. For line 44 on 1040 and line 11 on EZ, you'd look that number up in the tax tables to find your tax - those lines on the two forms should be the same.

Line 7 on EZ and 64 (and 72) of 1040 would be your withholding, from box 2 of your W-2. You subtract your total tax from your amount withheld to get your refund which would then be the same on each form.

Look at the two forms and see where the numbers are suddenly different. That's where the problem is.

This assumes you're not a dependent. If you are, the numbers won't be exactly as described above, but you should still get the same tax and the same refund. LIne 32 of 1040 would be zero, and line 5 if EZ would b $5150 - other than that, the comments above would be the same.

If this doesn't help you find the problem, email me with the numbers in box 1 and 2 of your W-2, and whether or not you're a dependent, and I'll run through the numbers on both forms and let you know what they should be.

Followup: OK, with gross 15490, that would be your gross income and adjusted gross income on both forms. Taxable income on either form should show as $7040. Tax would be $703 no matter which form you're using - gee, why does that number sound familiar? Your refund would be $1685 minus $703, or $982.

The form that you're doing wrong is the one that shows you getting everything back, the 1040.

Answer 2

703 dollas is considerable considering you have everything straight from W2. You are not doing something right.

Do you have any credits or anything you are not claiming on your 1040. IRA contributions you can think of? Pensions?

Answer 3

If you only have W2 income and your deductions are less than the standard deduction, then use the EZ form.

If you have no other income and are under the standard deduction, both forms will give the same tax amount.