I am filing married, filing jointly and trying to decide whether to file a 1040EZ or regular 1040. The only deduction I have is student loan interest of $1,200.
The standard deduction on 1040EZ is $16,900 but the standard deduction on 1040 is only about $10,000. Why is that? If I only have $1,200 in deductions, it seems that I would be much better off filing on the 1040EZ. Is this correct?
2007-02-01 11:18:22 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
So basically, I should do the 1040 so I can deduct the student loan interest?
2007-02-01 11:33:46 · update #1
its sounds like you can do the EZ....you wont be itemizing anyway so you don't have to worry about that deduction...
2007-02-01 12:08:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The 1040EZ combines the standard deduction of $10,300 and the two personal exemptions of $3,300 each for a total of $16,900 total. The regular 1040 lists them separately but the total is the same.
Since the only deduction you have is well below the $10,300 standard deduction there's no sense in itemizing.
You can use any form that you're eligible for, the end result will be the same.
2007-02-01 19:24:32 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can take an adjustment for the student loan interest on either a 1040A or a 1040, but not on 1040EZ.
The $16,900 on the EZ is the total of the $10,300 standard deduction and the $6600 for the two exemptions that you'd get on 1040 or 1040A. So it's the same, is just on one line on the EZ and on two separate lines on the others. Check it out......
2007-02-01 20:35:58 · answer #3 · answered by Judy 7 · 0⤊ 0⤋