Filing taxes may be dull, but it is an important task that every taxpayer has to do every year. Equally important is filing taxes correctly. Here are some of the most commonly used forms for filing taxes effectively this tax season.
Filing Taxes for Single and Joint Filers with No Dependents
Taxpayers can use a Form 1040EZ to file taxes for single and joint filers with no dependents. There are certain qualifying factors that must be met in order to use this tax form. Here are the qualifications for filing a tax return with a Form 1040EZ:
- Your filing status is single or married filing jointly.
- You and your spouse are under 65 years of age.
- You do not have any dependents.
- Your income is less than $10,000.
- You do not claim any adjustments to income.
- The only tax credit you can claim is EIC (Earned Income Credit).
- Your income from interest does not exceed $1,500.
- You have income only from wages, salaries, taxable scholarship or fellowship grants, tips, unemployment compensation, or Alaska Permanent Fund dividends.
Form 1040EZ is the shortest tax form. If taxpayers meet the criteria explained above, they can conveniently file their tax return using this form.
Filing Taxes for Individual Filers
IRS Form 1040A can be used by individual American taxpayers. We advise taxpayers to check their eligibility conditions before choosing Form 1040A for filing taxes.
Filing taxes with Form 1040A requires taxpayers to meet the following six conditions:
- You do not itemize deductions.
- Your taxable income is less than $100,000.
- You only have income from wages, salaries, tips, interest and ordinary dividends, capital gain distributions, taxable scholarship and fellowship grants, pensions, annuities, IRAs, unemployment compensation, Alaska Permanent Fund dividends, and taxable social security and railroad retirement benefits.
- The only adjustments to your income are educator expenses, IRA deductions, student loan interest deductions, and tuition and fees deductions.
- You can claim only tax credits for child and dependent care expenses, elderly or disabled, education, retirement savings contributions, child tax credit, earned income and additional child tax credit.
- You did not have an alternative minimum tax adjustment on the stock you acquired from the exercise of an incentive stock option.
Most taxpayers who are filing taxes individually qualify to use IRS Form 1040A.
Taxpayers can also file their taxes electronically through IRS' Free File portal. E-filing through the IRS website is available only to those taxpayers whose Adjusted Gross Income (AGI) is $57,000 or less. For others, there are paper forms for filing taxes.