What is Form 1040EZ?

Posted by Kristen on January 13, 2013

Form 1040EZ is one of three forms used to fill out federal income tax returns. You can either fill out form 1040, 1040A, or the easiest of the forms, 1040EZ.

What is Form 1040EZ?

This form is an alternative to the other forms and is a faster option. This form is most likely acceptable for a young adult with a part-time job as it’s a simple form designed for a person with no real estate assets and a simple tax situation.

When do you use Form 1040EZ?

If you are using 1040EZ, you cannot itemize deductions or claim adjustments to income or tax credits.

You can use form 1040EZ when:

  • Your filing status is single or married filing jointly.
  • You claim no dependents.
  • You and your spouse were under 65 on January 1, 2012 and not blind at the end of 2011.
  • Your taxable income is less than $100,000.
  • If you have any earned tips, they are included in box 5 and 7 of your Form W-2.
  • You have only wages, salaries, tips, taxable scholarship and fellowship grants, unemployment compensation, qualified state tuition program earnings, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500.
  • You don’t owe any household employment taxes on wages you paid to a household employee.
  • You didn’t file Chapter 11 bankruptcy after October 16, 2005.

In addition, the form 1040EZ is if you aren’t claiming any of the following: education credit, retirement savings contributions, health coverage tax credit, additional standard deduction for real estate taxes, net disaster losses, qualified motor vehicle taxes, student loan interest deduction, educator expense deduction, or tuition and fees deduction.

2012 Tax Form 1040EZ

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