Easy Ways to File Taxes
Learning how to complete a 1040EZ tax form can help you to fill out your tax return by yourself. If you qualify to use the EZ return, you can complete the paperwork easily by following the instructions from the Internal Revenue Service.
There are several qualifications that you must meet before you can file Form 1040 EZ. You must file as single or as married filing jointly. You cannot claim any dependents or any income adjustments on your return. The only credits that you can claim are the Earned Income Credit and the Making Work Pay Credit. You and your spouse must be under the age of 65 and not be blind. Your total taxable income must be less than $100,000. For a complete list of 1040EZ requirements, see the IRS instructions.http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
Step 1: Prepare to File Form 1040EZ
Before you begin completing the tax return, you need to obtain a copy of the form to fill out. If you have access to the Internet, you can download the form online from the IRS website and complete it directly on your computer. After it is finished, you can print it out and mail it in.http://www.irs.gov/pub/irs-pdf/f1040ez.pdf If you will be electronically filing your return, you may qualify to do so for free if you meet certain income guidelines.http://www.irs.gov/efile/article/0,,id=118986,00.html
Step 2: Complete the Income Portion of the Form
Begin the return by entering your full name and Social Security number at the top. If you will be filing a joint return with your spouse, write his or her name and Social Security number in the boxes provided. Complete the address portion and then select if you would like to donate money to the Presidential Election Fund.http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
On line 1 of the form, enter the total earned income you received during the year. This amount will be reported to you on Form W-2. If you received any taxable interest on a Form 1099, write the total on line 2. If the interest exceeds $1,500, you will not qualify to use Form 1040-EZ. Any unemployment compensation you received that exceeded $2,400 should be reported on line 3. Total lines 1-3 to calculate your adjusted gross income on line 4.http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
If you are eligible to be claimed by someone else, you need to indicate that on line 5. If not, enter the applicable amount on line 5. Subtract that total from your adjusted gross income to arrive at your taxable income.
Step 3: Calculate Your Tax and File the Return
Locate the amount of federal income tax withheld from your pay on Form W-2. Generally, this amount is reported in box 2. Enter this on line 7 of the 1040EZ form. Use the accompanying worksheet and instructions to determine if you qualify for the Making Work Pay Credit or the Earned Income Credit. If you do, enter the amount of these credits on lines 8 and 9, respectively.http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
Add all of your credits together and enter the amount on line 10. Consult the tax tables included in the 1040 EZ instruction booklet to find the amount of tax for your taxable income bracket.http://www.irs.gov/pub/irs-pdf/i1040ez.pdf Enter the total tax on line 11. If your total credits are more than the total tax you owe, subtract the difference and enter it on line 12 as your refund. If the total tax owed is larger than your total credits, you should subtract to find the difference and enter this on line 13 as the amount owed.http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
Sign and date your completed return and include a payment along with Form 1040-V, if necessary. Be sure to include the federal copy of your Form W-2 with your return. Send it to the appropriate address listed in the instructions by the filing deadline. For 2011, the filing deadline is April 18.http://www.irs.gov/pub/irs-pdf/f1040ez.pdf If you prefer, you can pay any tax owed over the telephone using a credit or debit card.http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
