How to Complete a 1040EZ
Mike Motyka
What is a 1040EZ?
A 1040EZ is the shortest federal income tax form designed for taxpayers who are filing "single" or "marrying filing jointly" with no dependents.
To complete this form you will need the W-2 and the 1099-int.
Who do you get it from?
The bank sends you the 1099-int form and your employer will give you the W-2 form. Then, you get the 1040EZ from the IRS.
Then, the final due date for you your taxes is April 15.
How to fill out a 1040EZ
Lines 1-6
- Line 1's number comes from box 1 on the W-2 form($30,485.00). This is the wages and tips earned.
- Line 2 is the taxable interest. In this case, it is $765 which can be found in the 1099-int, box 1.
- Line 3 depends if the person is unemployed or not. In this case he isn't, so the number entered is 0.
- Line 4's number comes from the sum of lines 1,2,3, this is the adjusted gross income.
- Line 5 gives you an option of you claiming yourself or your spouse. In this case, he claimed himself and enters $6,300 since he is single.
- Line 6 is line 5 subtracted from line 4, since line 4 is greater. This is the taxable income.
Lines 7-14
- Line 7 is the federal income tax withheld, which can be found in box 2 of the W-2 form($2,345.22)
- Line 8a and 8b is the EIC and nontaxable combat pay, which is entered as 0.
- Line 9 is the total payments and credits, this is the sum of lines 7 and 8a($2,345.22).
- Line 10 is using the tax table to find your tax. So you use the amount from line 6 and match it with single on the table. It should line up and give you a number, in this case, $3,285.
- Line 11 is individual responsibility(healthcare) which is entered as 0.
- Line 12 is finding the total tax, which you add lines 10 and 11.
- Line 13a is seeing if you have a refund, only if line 9 is larger than 12.
- Line 14, is the amount you owe, so in this case, he owes money since line 12 is larger than 9.
Worksheet for Line 5-Dependents who checked one or both boxes
- A- amount from line 1
- B- standard deduction(already entered)
- C- Entering the larger number of A and B.
- D- If single enter $6,300, if married filing jointly enter $12,600. In this case, $6,300.
- E- Enter the smaller of line C or D(6,300)
- F- single enter 0
- G- Adding lines E and F.(6,300)