How do I file my 1040EZ?

Question

I had a part time job for the first time in my life in 2006. I've never filed a 1040 before. My employer gave me a W-2 form, but I don't really know what to do with it now.

Answer 1

I would not recommend a tax advisor if you can use a 1040EZ.

First, get a copy of the form and the form instructions from a local library or other source. I would recommend getting at least 3 copies of the form itself in case you make a mistake. Since you have access to the web, you may wish to download these directly from the IRS's website.

Second, read the instructions and see if you are eligible to use the form. If you have only worked a part-time job and don't own a home or have investments, etc you should be ok with just the 1040EZ, but read it carefully to be sure you are eligible. Also, note that if you are a college student you may wish to use a longer form to get education benefits regarding your taxes. I cannot remember if the 1040EZ allows this or not.

If you are eligible, then I'd read the instructions and begin to fill out the form as you go. The instructions for the 1040EZ are pretty straight-forward and you should be able to do it on your own.

The W-2 is your earnings statement. It provides virtually all the information you'll need in filling out your 1040EZ except
"personal" questions such as how many people live with you, depend on you, etc. The instructions for the 1040EZ will directly refer to spaces on the W-2 so if you read the instructions carefully, you should not have any problems.

Tax professionals are very useful but since they have a good deal of knowledge you are paying a decent amount for their time, no matter how basic the question may be. It is for this reason I don't recommend a tax professional for a 1040EZ which, as the name implies, is one of the easiest forms to fill out from the IRS.

Good Luck!

Answer 2

I'd sure hate to pay somebody $50 to do a 1040EZ with one W-2!

Before you do that, download the 1040EZ from irs,gov and see if you can do it yourself. It's pretty easy. You'll fill in your personal information at the top, then copy a couple numbers onto the form from the W-2 - it tells you what to put where - and do a couple additions and subtractions. Either find a site to efile it, or drop it in the mail, and you're done.

If your parents can claim you as a dependent, then be sure to check the box that says YOU on line 5, and follow the instructions for that line.

Good luck.

Answer 3

You have a couple of options. The cheapest options are to do it yourself. You can go to the IRS website and download the forms and mail them in or you can click on the link on the IRS homepage for free file (if you made less than $52,000). You can go to your local library and get the forms as well.

You can go to a tax preparer and pay to have it done. Cost depends on where you live and complexity. One W-2 in Tennessee cost about $50 at H&R Block (price checked earlier this year).

Answer 4

if you dont know anything about filing taxes i would recommend going to a tax professional;
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