When it comes to filing your taxes, you need to be careful for little issues if you want to make your tax return effort-free. Suppose you used Federal 1040ez form last year and still you received another one in the mail for the current year, then you need not use this form again. You may not be able to use this form any longer if your situation has changed considerably.
Please note that federal tax 1040ez form is for those who have a straight forward and uncomplicated tax situation, and there is no room for itemized deductions. You can only consider deducting more general things. If you want to itemize deductions, then you should better make use of the form 1040A.
You can use the form 1040ez only when you do not claim any dependents and you do not go for claiming a deduction for certain cases like educator expenses, tuition fees, or student loan interest deduction. Moreover, just forget claiming the education credit, health insurance credit, or retirement savings contributions credit. You can use it as long as you meet all the criteria just as not owing any household employment taxes on wages paid to a household employee.
Compared to other forms this is one of the easiest and uncomplicated, you may still make mistakes if you overlook certain minor things. Suppose you input all the possible deductions and you still owe, then it would be better to check out to the “United States Treasury” to complete your taxes for the current year.
The Form 1040EZ is very easy in real sense of the term. It is designed to exclude many typical adjustments to your income. You may use this form if you meet the following requirements:
- Your taxable income should be less than $100,000.
- Your interest income is less than $1,500.
- Your filing status is single or married filing jointly.
- You and your spouse are not blind and below age 65.
- You cannot claim any dependents.