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Is IRS Form 1040 EZ the Smart Choice for Your Tax Return This Year?

While there are other options, such as IRS Form 1040A or the much more complex IRS Form 1040, it is true that IRS Form 1040 EZ is, as its name implies, the easiest of all the tax forms to fill out. Due to its ease of use, many people prefer it over the other forms that take a good deal more time to fill out and require more detailed records. With the 1040 EZ, taxpayers can quickly file their tax return and the IRS has less work to do, so both parties win. However, as simple as it is to use, this tax form is not for all taxpayers. There are important restrictions that you need to know about so you do not accidentally file using this form when you should have used another form instead. As always, obtaining the advice of a true tax professional will help you get best results, but knowing the guidelines will also help you understand this form. To be eligible to use the 1040 EZ, you (and your spouse, if you are married) must be under 65 years of age, have made less than $100,000 this year, not need to make any adjustments to income, claiming only the standard deduction, and claiming only the Earned Income Credit.

Once you've made sure that you meet all of these requirements and that your income is only from unemployment benefits, wages and less than $1,500 in interest, you will be clear to file using IRS Form 1040 EZ. If you do not feel the need to claim extra deductions or try for additional tax credits, this really is the smoothest route to go because there is far less hassle involved in filling out this particular form. For younger people or those unconcerned with the potential size of their refund check, the 1040 EZ is a great way to file and simply be done with the annual obligation of filing taxes. The reason that younger single people, such as students, find this form to be so helpful is that they are not likely to be eligible many deductions or tax credits in the first place and the situation for those who have worked very little throughout the year or are disabled and receiving very little income in the first place, is the same. The convenience factor makes this form a great choice for those who lead busy lives and aren't interested in detailing all of their receipts on expenditures, so once you're certain that Form 1040 EZ is for you, filing will be a breeze.