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So you've gotten your W-2 form from your employer in the mail today. You've decided that you aren't going to be up late at night waiting line at the exit ramp for your turn to the post office box where you need to drop off your tax return. You've been procrastinating for the past few years and don't want this to be another year like all the others. You hate filling out your forms as all that legalize that you read in the booklets seems like mumbo jumbo to you. Isn't there a form that is simple enough to complete without having to think to hard? It is the IRS FORM 1040EZ. Short This form is only one page. You have to fill out both sides though before you mail it off. It has a few basic sections to complete. Your personal information which contains your name, where you live, and social security number makes up section one. Wages and earnings constitute section two. Then you only have the standard deduction section, income tax section with refund or payment amount, and verification. It can't get any easier. This is like having a test except it is open book where you can look up the answers and get a perfect score. Qualifications If you are single, married with no dependents and under the age of 65 then you qualify to use this form. The fact that not everyone can use this form is unfortunate. It is almost as if they made this for the majority of first time workers as they are providing baby steps to transition you to the more difficult forms. They don't want to scare you off. Once you've started making in excess of $100,000 you can no longer use this form. And once the little ones arrive you can't use this form either. Most of the things that disqualifies would prompt you to take a deduction that cannot be entered on this form. One can only take a standard deduction on this particular document. That is a small price to pay for simplicity. Interest Income If you are building up a large stock portfolio to increase your income you might have positioned yourself out of the 1040EZ form even if you earn less than $100,000. If you are able to earn more than $1500 in one year you cannot use this form. You have graduated to one of the other 1040 forms. As you can see the IRS FORM 1040EZ is a simple form to complete. By using this form you won't have anymore midnight runs to the post office on April 15th. You won't have any more headaches as you'll understand all the questions and be able to fill it out with ease. As long as you are single or married with no kids, under the age of 65 and earn less than $100,000 per year you qualify for this form. The IRS should really make an easy form for everybody else as well.
Learn more about calculating taxes and form 1040ez from our website.
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