tax software - That Can Use the 1040EZ?

If you make less than $100K annually, don’t have dependents, and don’t have a mortgage, then you’re probably eligible to file the 1040EZ. It covers wages and salary from your job (W-2), interest from your banking account (1099-INT), and unemployment income (1099-G). If you’re an unbiased contractor (1099-MISC), have dividend income (1099-DIV), or investment income (1099-B), then you’re not qualified to file a 1040EZ. Find out more about 1040EZ eligibility requirements.

What Information and facts are Required?

You will find four main sections of the form. Private information, income you made, taxes you already paid, as well as your tax refund or balance due.

Private Information

Only the facts, ma’am. , birth date and social security number.address and Name Easy breezy. If you’re married, you enter the same information for your spouse. Since you can’t claim dependents with the 1040EZ, there is no spot to record their information. You can’t file the EZ form unfortunately if you’re over age 65.

Income You Made

As noted earlier, the 1040EZ covers the most common kinds of income - wages, salaries, and tips out of your employer (reported on Form W-2), interest income from banks and other financial institutions (reported on Form 1099-INT), and unemployment income (reported on Form 1099-G). These forms will be sent to you by the end of January if you received any of these types of income. To learn more concerning the timing of Tax Year 2014 (filed in 2015), read through this article.

Taxes You Paid

Each of the forms you receive will report the taxes you’ve already paid, or had withheld. Taxes are withheld from each paycheck you receive, so your W-2 will list the total amount of tax you’ve already paid via your job in box 2, typically. It is unusual to have taxes withheld from bank interest or unemployment income, but if they were they will be reported on the 1099-INT or 1099-G you receive.

Refund or Balance Due

This is the best benefit! A lot of people get a refund, and this is also true for 1040EZ filers. Your refund or balance due will be the calculated by comparing the amount of tax you’ve already paid vs. whatever you actually owe. If you’re eligible for the earned income credit, it will increase your refund.

Filing Options

You may have 3 choices for filing your taxes.

paper and Pencil

The existing school technique of doing your taxes is to use pencil and paper. It takes a little while and a little math, but you can’t beat the purchase price (it’s free). Download the form from your IRS, grab a calculator, and read the 42 pages of instructions… Wait, never mind. Research indicates it will take over 3 and half hours typically to do it by hand.

Pay someone else to get it done for you personally

You can hire a CPA or visit a tax store and pay someone to get it done to suit your needs. You have to pay for it, though it’s certainly less effort on your part. Around $100, if not more.

Do It Yourself Together With Your Phone or Computer

There are severalmobile and online, and software options, a lot of them quite good. We know Common Form is t