So which is best for you? Thousands ask every year so here is the definitive answer.
The first thing you need to know. If you file electronically, the software automatically selects which is right for your individual case. Whether you use e-file or prepare on paper, using the simplest form will help avoid costly errors or processing delays. Remember, if you file electronically, it speeds up the processing of your tax return and the delivery of your refund. At some point everything will be electronic.
So here are your choices:
Use the 1040 EZ when:
Your taxable income is below $100,000
Your filing status is Single or Married Filing Jointly
You and your spouse ? if married — are under age 65 and not blind
You are not claiming any dependents
Your interest income is $1,500 or less
You are not claiming the additional standard deduction for real estate taxes, taxes on the purchase of a new motor vehicle, or disaster losses
You can use the 1040A if
Your taxable income is below $100,000
You have capital gain distributions
You claim certain tax credits
You claim deductions for IRA contributions, student loan interest, educator expenses or higher education tuition and fees
If you cannot use the 1040EZ or the 1040A, you?ll probably need to file using the 1040. You must use the 1040 if:
Your taxable income is $100,000 or more
You claim itemized deductions
You are reporting self-employment income
You are reporting income from sale of property
All IRS forms, instructions and information about e-file can be found on IRS.gov.
Remember, should you have any questions, please call Fresh Start Tax. We’re here to help you.
To file a 1040EZ or a 1040A. Which is best for you?
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