Once again the tax season is in full swing. You can utilize the 1040EZ tax form and probably even do it with no the assistance of a professional if your tax situation is simple. While the 1040EZ tax form is the simplest of all the IRS tax forms, I’d still advocate that you employ one of the online e-filing services in any case. However, before you get too excited at this easiest of filing methods, be sure you qualify to use the 1040EZ tax form. If you file without meeting the criteria, your tax return will be rejected and you’ll need to refile, using the right IRS tax form, thus delaying a refund.
You will be back at square one if you do not meet the IRS criteria for using this tax form. Worse yet, this may trigger an audit because there will be information you did not comprise in your filing, since, as you know, the IRS has a line and worksheets for the whole thing. You may even maintain a penalty! Chances are, without paying a fee if your income is not too high you can apply this service. The online services show off a negative reply rate of less than 1%, so you are almost guaranteed the quickest turnaround on a refund, particularly when using direct deposit as the refund method.
Here are the seven qualifying aspects, all of which must be fulfilled. If you are uncertain on any of these points, your best bet is to call the IRS for clarification prior to you get out the aspirin and begin your tax return!
1. You may make use of the 1040EZ tax form only if your filing status is ‘single’ or ‘married, filing jointly’.
2. Your chargeable income cannot go beyond $50,000 and your taxable interest income, if any, must be less than $400.
3. You must have no dependents excluding you and/or your partner, and no other exemptions, such as blind or over 65.
4. You must not have any alteration to your income, such as alimony or IRA deduction credits.
5. You may assert the EIC (Earned Income Credit), assuming you qualify, but cannot claim any additional tax credits.
6. You cannot exploit the 1040EZ tax form if you would like to list your deductions. You must use the standard deduction.
7. You must utilize the IRS tax tables at the back of the booklet to estimate your taxes.
Then, it is time to get that aspirin helpful and slow down with the tax booklet for some heavy reading! If you satisfy all of these seven qualifying criteria, congratulations! You are one of the lucky ones. You can utilize the 1040EZ tax form. Or else, you require to employ either the 1040 or 1040A tax forms.
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