What is 1040EZ Form?
Definition of 1040EZ form
1040EZ form is the quickest edition of the Internal Revenue Service’s Form 1040, and it provides a quicker and easier way to submit taxation for tax payers with primary tax circumstances.
Brief Explanation of 1040EZ form
In order to considered to use this form, filers must have taxed earnings of less than $100,000, attention earnings of $1,500 or less and no children. Form 1040EZ is also known as the earnings tax come back for single and combined filers with no children and unofficially as the easy form.
For most individuals, the 1040EZ is the first tax form they ever complete. For example, a teen with part-time job information a tax come back at the end of the year. This person likely has an uncomplicated and simple tax scenario. As long as he has no property resources, no tax housing and no international earnings, only the simplest details asked for on Form 1040EZ is required to figure out whether any money is due or returned. Form 1040EZ has only 14 collections of details, while Form 1040 has 79 collections. Form 1040 has areas to add details about children, while 1040EZ does not. In the same way, the EZ form only has areas to history salaries, incomes and tips, taxed attention under $1,500 and lack of employment settlement, but on the other hand, Form 1040 has at least 16 earnings groups such as benefits, pension account withdrawals, village earnings, lease earnings, Social Protection benefits and spousal support among others.