The Ultimate Guide to Filling Out a 1040EZ Form
Filing your taxes isn’t always the highlight of your year, but filling out a 1040EZ form can make the process much simpler. A 1040EZ form is used for those who have relatively simple tax situations, with you being a single filer or married filing jointly who has only W-2 income, interest income less than $1,500 per year, and has no deductions beyond the standard deduction.
In this ultimate guide, we’ll walk you through everything you need to know about filling out a 1040EZ form.
Step 1: Gather Your Information
Before you begin filling out the form, make sure you have all the necessary information on hand. You’ll need your Social Security number, the Social Security numbers of any dependents you have, and all your income documentation including W-2 forms, 1099-INT forms, and any other related forms.
Step 2: Fill Out Your Personal Information
Enter your personal information at the top of the form, including your name, address, Social Security number, and filing status. If you are married and filing jointly, you will need to include your spouse’s information as well.
Step 3: Calculate Your Income
Starting on line 1, begin entering your income information. This includes any wages, salaries, and tips you earned throughout the year. Once you’ve added everything up, include it on line 1.
Step 4: Calculate Your Adjusted Gross Income
Your adjusted gross income (AGI) is calculated by subtracting any adjustments from your gross income. These adjustments might include IRA contributions, student loan interest deductions, or self-employed health insurance deductions. Once you’ve subtracted any adjustments, include the remaining amount on line 4.
Step 5: Determine Your Exemptions
On line 5, enter the number of exemptions you plan to claim. This will likely be one for yourself and one for each dependent you claim.
Step 6: Calculate Your Tax Liability
Now that you have determined your AGI and exemptions, you can calculate your tax liability using the tax table provided in the form instructions. Find the row that matches your taxable income on line 6 and enter your tax liability on line 10.
Step 7: Calculate Your Refund or Amount Owed
If your total payments and credits exceed your tax liability, you’ll be due a refund. If your tax liability exceeds your payments and credits, you’ll owe the difference. This amount should be included on line 11.
Conclusion
Filling out a 1040EZ form might seem daunting at first, but once you know the steps, it can be a simple and straightforward process. By gathering your information, accurately completing each section, and double-checking your work, you’ll be well on your way to completing this form with ease. Remember, if you’re ever unsure about anything, don’t hesitate to reach out to a tax professional for assistance. Good luck and happy filing!
