When you want to file your federal tax returns online, you may turn into a bit confused. This is because there are different forms to select from and you may not know which one is appropriate for you to file your federal income taxes. The follow income tax tips will provide you the information you need to pick the right federal income tax return forms.
Form 1040EZ, Federal Tax Return for Single and Joint Filers.
You can file the federal tax 1040EZ form if you are doing so as single or married and filing jointly or separately. You can’t utilize this form if you have people who depend on you. Also, you can't file this form if you are blind or above 65 years of age.
In addition to that, your taxable income should be below $100,000. With the form 1040EZ, there is also a limit to your credits. The only time you can file this form is when you are claim the earned income credit.
Form 1040, Individual Income Tax Return.
If you intend to itemize your deductions, you have to file form 1040. Usually, you will do this if your deductions are higher than your normal consistent deduction. Additional typical deductions are provided for blind people and taxpayers who are above the age of 65. You may be get benefit more from filing 1040A instead of 1040ez Form in few cases. There are numbers of credits available in form 1040A which can be claimed as the same credits are not available in the form 1040EZ version. Therefore one may be entitled to receive a larger refund while filing 1040 or 1040A. Let us discuss few of such provisions.