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IRS Form 1040EZ: Learn to Fill it Right

Margarete Cotty

2024-04-18 11:56:27 • Filed to: Fill IRS Forms 1040 • Proven solutions

IRS Form 1040EZ is also an individual income tax return form. This form is however eligible for filing by only certain residents and citizens of the United states of America.

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Instructions for IRS Form 1040EZ

Step 1: Lauch PDFelement, drag and drop the IRS Form 1040EZ into the program to start the filling process.

Step 2: Fill in all the personal details required by this form in the top part of Form 1040EZ. Enter your wages, tips and salaries, and attach them with your Form W-2 . If you find more than one W-2 form, add the amount together in box 1 and enter this amount on line 1 of the form 1040EZ.

On the line 2, you will have to enter the interest which is taxable. The taxable interest is something that you receive from other institutions or people. For instance, if you have an account in a bank that pay interests, the interest will be taxable. But, if you borrowed money from your friend on interest, than the interest on money is usually tax-free.

You must enter interest that is taxable, regardless of whether you obtain a 1099-INT, 1099-OID or other documents for interest. If the interest on money is more than $1,500, you cannot use the 1040EZ form.

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Step 3: In the 3rd line of the form, you will have to enter the received amount in the meaning of unemployment benefits. You must have received 1099-G form, if you have obtained unemployment benefit. You will need to add the lines including 1, 2 and 3 and then enter the result on line 4. This will be your adjusted gross income.

On the line 5, just enter the personal and compensation standards. If you are not calming as an independent, just strictly follow the instructions mentioned in the form and write down the amount in relation with your registration status. For the line 6 , you will need to subtract 5th line from 4th line and enter the result on 6th line. If 5th line is larger than 4th line, just enter 0 on the 6th line. This will be your taxable income. Note that you will not be able to use the 1040EZ form, if the amount is more than $100,000.

Step 4: Watch your W-2 forms, 1099-INT, 1099-G and 1099-OID. You will locate the box mentioned "taxes withheld federal income ' is checked, add all these amount and then enter the result on line 7. Just enter 0, if you don’t have these forms. The instructions for 8th line are very clear to follow. Almost, all the steps are alike and the result comes as same, but the table is different from Worksheet of EIC 1040 and modules of 1040A.

Step 5: To get the result of 9th line, you will have to add the 7th and 8th lines. You must have the amount that you have already paid in the extension with Form 4868, if you have already applied for extension. Just enter the total amount of 7th an 8th lines in the 9th line. Just add 7th and 8th lines and enter the total on 9th, if you haven’t applied for an extension. If you have not requested an extension, simply add lines 7 and 8 and the total entering the 9th line.

Step 6: Just in out the control table, which you can see at the end of the instructions for the 1040EZ Form. Locate the income category, and then proceed as follows numbers to the most right until you come to the point directly under your registration status. This number is the tax liability in the 10th line. Consider whether, if you have the basic health care, minimum for a year. If you don’t have health insurance just request individually.

Step 7: Enter the result of the addition o 10th and 11th lines on the line 12. This will be your total tax liability or the total amount of taxes that you must pay. To be aware of if you have a due refund. If 12th line is greater than blank line 9 remain this field empty because you have no due refund. If the 9th line is bigger than line 12, subtract 12 from the line 9, and this is amount on the line 13a. Calculate the due amount for line 14. If it is determined that you do not have a due refund, then you will probably have to pay taxes. If 12th line is bigger than 9th line, subtract the 9th from 12 and enter the result on 14th, this will be your amount as an additional taxes you owe.

Tips and Warnings for Form 1040EZ

When to file: The deadline to file your Form 1040EZ is 18th April, 2016 and April 19th, 2016 for residents of Massachusetts and Maine should be filed with your 2015 Form 1040 or Form 1040NR by April 18, 2016.
To get the IRS Form 1040EZ, download it from here .
You could visit the IRS Website and use the Withholding calculator provided to determine whether you need to reduce or raise your withholding tax amount. This would be much easier compared to using the worksheets attached to the form W-4P andForm W-4, 505 or Pub.
Please make sure that you keep with you records of the tax return, the worksheets that you used in filling the returns and records of all the items that you have included in the returns until the statute of limitation or that particular return runs out. The statute normally runs out three years following your filing of the return.
It is possible to get tax returns transcripts andyou can easily get them form the IRS website in the event that you need them.