How do I fill out federal income tax form 1040EZ?

jscalona
by jscalona

Federal income tax forms 1040EZ is one of the simplest 2010 IRS tax forms to fill out. There are a few requirements for you to be able to use these particular IRS tax forms, though.

  • Filing single or filing jointly if married
  • Not claiming any dependents
  • Not claming adjustments to your income
  • You only claim the Earned Income Credit (EIC) and the making work pay credit
  • You didn’t receive advance EIC funds
  • You (and your spouse) were under age 65 and not blind
  • Taxable income is less than $100,000
  • Taxable interest is over $1,500
  • Not under Chapter 11 bankruptcy

On top of that, there are only certain funds you can have earned during the year.

  • Wages
  • Salaries
  • Tips
  • Scholarship or fellowship grants
  • Unemployment compensation
  • Alaska Permanent Fund dividends

If you fit in these requirements, you can use tax forms 1040EZ!

Filling It Out
First, you need basic information. Your name, spouse’s name, address, and Social Security Numbers go at the top of the 2010 IRS tax forms 1040EZ. Consider if you want to send $3 to the Presidential Election Campaign.

The next section on the tax forms is for your income. Fill in your wages, salaries and tips. These should be in box 1 of your W-2 IRS tax forms. Also fill in your taxable interest on the tax forms if any. Unemployment funds and Alaska Funds go in line #3. Add these all add and put the total in line #4. This is your adjusted gross income.

In line #5, mark on the 2010 IRS tax forms 1040EZ if anyone can claim you or your spouse as a dependent. If not, add $9,350 if you’re single. If you’re married, add $18,700. Subtract line #5 from #4. This is your taxable income. If line #5 is larger than #4, just put a zero.

Add up the federal income tax withheld from your income. The total goes into line #7. Lines #8 and #9 are for average deductions, including the EIC. Add lines #7-9 up for line #10.

Now, use the total on line #6 on your IRS tax forms 1040EZ to find your tax in the tax table. The amount should fit into a tax group in the chart. Enter the tax yours fits into in line #11.

Now, is line #11 larger than #10? Subtract #10 from #11. This is the amount you owe to the IRS.

Is line #10 larger than #11? Congrats, you get a refund! Subtract #11 from #10 to find out how much you get! Simply fill out how you’d like to receive it. You can opt for a paper check or a direct deposit. For direct deposit, enter your bank account information on the tax forms 1040EZ.