All U.S. taxpayers, from the paperboy to the President of the United States, file their individual federal income taxes on one of three IRS forms. These forms are the 1040ez, the 1040a, or the 1040. Which form the IRS will allow you to use mainly depends on your filing status, whether you claim dependents, or the standard deduction, or certain personal tax credits.
The following links describe the choices available to you. Remember to choose the form that maximizes both your tax deductions, and personal tax credits. Our price is shown in ( ).
Refer to this 4 part checklist to see all the available tax deductions and credits for each form. While this list is long, it shows all the available options you have to minimize your taxes and maximize your refund. It will also jog your memory for different tax write-offs.
The 1040ez, the so called short form, is the simplest form. Your filing status must be either single or married with no dependents. The Earned Income Tax Credit (EITC) is automatically calculated. No other tax credits are claimed. Restrictions apply and are explained in Who can use the 1040ez.
The 1040a is the midway form. Any filing status with or without dependents. Only the standard deduction is allowed. The Earned Income Tax Credit (EITC) is automatically calculated. Other tax credits are claimed. Restrictions apply and are explained in Who can use the 1040a.
The 1040, the so called long form, is usually used by homeowners with mortgage interest and property taxes (Schedule A) and the self-employed reporting business income and expenses (Schedule C). Any filing status with or without dependents. Personal tax credits are claimed. Restrictions apply and are explained in Who can use the 1040.
