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The Form 1040 is an Internal Revenue Service form that is used to determine and file income taxes each year. When you are filing your taxes, it is advisable to fill out the simplest 1040 that applies to your situation. Although there are numerous 1040 forms, the three most common are:
1040EZ
The 1040EZ is the easiest form to fill out. To qualify for the 1040ez, you must:
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Have taxable income below $100,000
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Be single or married fling jointly
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Under the age of 65
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Not claiming any dependents on you tax return
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Interest income you've received must be less than or equal to $1,500
1040A
The 1040A is one step above the 1040EZ in difficulty. To qualify for the form 1040A, you must:
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Have taxable income below $100,000
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You can have capital gain distributions, but not be claiming any capital gains or losses
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The only tax credits are those for children, education, earned income, child and dependent care expenses
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The only deductions that can be taken are for traditional IRA contributions, student loan interest, or higher education tuition and fees
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You cannot itemize deductions on a 1040a
The standard form 1040 is the most complex tax form for the individual tax payer. This form allows you to take more complex deductions and additions to income. The form 1040 is the only income tax form that allows the individual to take itemized deductions. |
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