When to use Form 1040EZ
Form 1040EZ may be calling your name when it comes time to file your final return. That being said, this is not the best form for every tax filer. You need to make sure that Form 1040EZ, which is commonly known as the short form, is best for your situation.
Why do the majority of people want to use this form? Simply put, it is the easiest to figure out and takes the shortest amount of time to complete. And for most taxpayers, easy and time saving is something that they are quite interested in.
You can comfortable use Form 1040EZ if you meet all of the qualifications below:
1. Your income for the past year was $100,000 or less
2. You earned less than $1,500 in earned income
3. Both you and your spouse are under the age of 65
4. Your income is derived from nothing more than interest, wages, and/or unemployment compensation
5. Your filing status must be married filing jointly or single
6. You are comfortable using the standard deduction as opposed to itemizing
7. You don’t have any adjustments to make to your income
Do you qualify to file Form 1040EZ next year? If so, you will probably want to take advantage. The bottom line is that this form is easy to file and will not take up a lot of your time. Although you may be used to hiring a tax professional, if you can get away with filing Form 1040EZ you may be able to complete the process on your own next year.
