The form is one page long and is divided into two sections: Form 1040EZ Income and Form 1040EZ Tax. The form is relatively simple to complete and can be done so in just a few minutes. Here's a step-by-step guide on how to fill out a 1040EZ form.
1. Enter Your Personal Information
At the top of the form, you'll enter your name, Social Security number, and address. If you're married and filing a joint return, you'll also enter your spouse's name and SSN.
2. Check the Filing Status Box
There are five filing status options on Form 1040EZ. Check the box that applies to your situation. The most common filing statuses are single and married filing jointly.
3. Enter Your Income
This is where you'll enter your total income for the year. This includes wages, salaries, tips, unemployment compensation, and taxable interest. If you had any other income, such as from selling a piece of property, you'll need to file a different tax form.
4. Figure Out Your Adjusted Gross Income
Your adjusted gross income (AGI) is your total income minus any adjustments. These adjustments, also called above-the-line deductions, include things like retirement plan contributions and alimony payments.
5. Determine Your Eligibility for the Earned Income Tax Credit
If you earned less than $53,505 ($56,844 for married couples filing jointly), you might be eligible for the Earned Income Tax Credit (EITC). This is a refundable tax credit for low- and moderate-income taxpayers.
6. Figure Out Your Taxable Income
Your taxable income is your AGI minus any tax deductions you're eligible for. The only deduction available on Form 1040EZ is the standard deduction. The standard deduction is a fixed amount that's based on your filing status.
7. Calculate Your Tax Liability
Now you can calculate your tax liability using the tax table on Form 1040EZ. The tax table tells you how much tax you owe based on your taxable income.
8. Check the Boxes for Any Taxes You Paid
If you had any taxes withheld from your paychecks, you can check the appropriate boxes to receive credit for those payments.
9. Figure Out Your Refund or Amount You Owe
If the taxes you owe are less than the sum of your withholding and EITC, you'll get a tax refund. If you owe taxes, you'll need to write a check for the amount owed.
10. Sign and Date the Form
You will then need to send the form to the IRS. Be sure to keep a copy of the form for your records.