The 1040EZ is one of the most commonly used tax forms in the U.S. Many people can qualify to use it, so naturally, there are plenty of questions on how to file. Here are some frequently asked questions regarding the 1040EZ.
1. What is the 1040EZ form?
The 1040EZ is the shortest federal individual income tax form.
2. Why should you use the 1040EZ form?
The 1040EZ is one of the most popular forms because it is quick to file and can apply to many people.
3. Do I have to file the 1040EZ form?
You don’t have to but there are restrictions on who can. If you or your spouse (if filing a joint return) are 65 or older at the end of 2017, then you may need to file a 1040A or 1040 instead. Also, if you are preparing a return for someone who died in 2017, have a child under the age of 19,are a full time student, or are a resident or nonresident alien, you may not qualify to file a 1040EZ.
4. When do I need to file the 1040EZ form by?
The deadline to file is April 18, 2017.
5. What are the requirements for filing or E-filing the 1040EZ?
In order to file a 1040EZ, all of the following must apply to you:
- Your filing status is married and filing jointly or single
- You’re not going to be claiming any dependents.
- You’re not claiming any adjustments to your income.
- The only tax credit you’re claiming is the Earned Income Credit.
- You and your spouse (if filing jointly) are under the age of 65 and haven’t been considered blind at any time up until the end of 2017.
- Your taxable income is under $100,000.
- Your income only consists of salaries, wages, tips, salaries, unemployment income, Alaska PermanentFund dividends, and/or taxable scholarship/fellowship grants and your taxable interest doesn’t exceed $1,500.
- If you had tips they need to be on your W-2 in boxes 5 and 7.
- If you had a household employee, you can’t owe them any household employment tax on the wages paid to them.
- You can’t have been a debtor in a ch. 11 bankruptcy at any time since Oct. 16, 2005.
- You can’t have had advanced payments paid for you toward for the premium tax credit. This also is applicable to your spouse and an individual who was enrolled in coverage by you who no-one else is going to claim the personal exemption for.
6. Can I still file the 1040EZ form if I was a non-resident alien in 2017?
In the case that you were a nonresident alien at any time in 2017, your filing status must be married and filing jointly in order to use the 1040EZ form.
7. Will it be beneficial for me to file a form other than the 1040EZ?
You may be able to use the 1040EZ form, but it may be beneficial for you to use a 1040A or 1040 instead. For example, you can claim retirement savings contributions credit or head of household filing status on the 1040A and 1040. You’ll also be able to itemize deductions, claim tax benefits for education, and claim the premium tax credit with the other forms.
8. What filing status are you able to file on the 1040EZ?
You can file as single or married and filing jointly.
1. Can I still file my 1040EZ form if I changed my name?
Yes, but you’ll need to report your name change to the Social Security Administration before filing your return.
2. Do I need to write in the exact dollar and cent amounts in each section?
You can round off cents to whole dollars. However, if you do this, you’ll need to round on all amounts.
3. What if my W-2 shows an incorrect SSN?
A missing or incorrect Social Security Number can reduce your refund, increase your tax or delay your refund. If your SSN is incorrect, notify your employer or the agent issuing the form as soon as possible.
4. Can I file a 1040EZ form if I am a nonresident or illegal alien?
Yes, but you will need to apply for an ITIN (IRS individual taxpayer identification number).
5. Where do I report W-2 Items on the 1040EZ?
You’ll report wages, tips and other compensation from W-2 in Line 1.
6. Where do I report 1099-G items on the 1040EZ?
Unemployment compensation from 1099-G is reported in Line 3.
7. Where do I report 1099-INT items on the 1040EZ?
Interest income from 1099-INT is reported in Line 2.
8. Where do I report W-2 G items on the 1040EZ?
Gambling winnings from W-2 G forms must be reported in a Form 1040.
9. What if I don’t receive my W-2 from my employer?
All employers are required to send a W-2 form no later than February 1, 2017. If you do not receive a form by this date, refer to Tax Topic 154 here.
10. What if I qualify for the EIC?
If you qualify, you’ll need to complete the Earned Income Credit Worksheet.
1040EZ Refunds and Payments
1. What is the fastest way to get my refund?
The fastest way to get a tax refund is to have it deposited automatically in your checking or savings account.
2. Why was my refund direct deposit rejected?
There are a few reasons why your direct deposit can be rejected, including:
- You have requested that your joint refund be deposited into an individual account and your financial institution
won’t allow it.
- The name on the account doesn’t match the name on the refund and your financial institution doesn’t allow this.
- You haven’t provided a valid account number.
- You have already received at least 3 direct deposits to the same account (or prepaid debit card).
- You file a 2017 return after December 31, 2017.
- Any letters or numbers on lines 13b through 13d are whited or crossed out.
3. How can you pay the IRS if you owe taxes?
If you owe taxes, you can pay online or pay by phone with the use of a direct transfer or credit or debit card. You also have the option of paying by
check or money order.
4. What if you cannot pay what you owe after filing the 1040EZ?
If you are not able to pay the full amount on line 14, you can ask for an extension of time or an installment agreement.
5. What are the Penalties for not Paying Enough Tax during the Year?
You may have to pay a penalty if line 14 is at least $1,000 and is more than 10% of the tax that is shown on your return.
6. What other Penalties may I face when filing the 1040EZ?
You could be subjected to other penalties such as late filing, late payment of tax and frivolous return.
Even though filing your taxes can seem intimidating, online resources such as these frequently asked questions can help you file a successful 1040EZ form and get your tax return in no time. For even easier filing, head over to file your 1040 EZ.