Taxes Done Easy
Tax Tutorial
Recieving your 1040-EZ
How to start your 1040-EZ
Lets start off with the back of your tax form (page 2). You have to know how much how much you make a year including compensation and tips. When you figure out the number you have to write down you'll have to add 350 dollars to this. Once you get your number with the 350$ added, you'll notice there are a set of letter A-E and these letters are here for you to organize the larger and smaller of the numbers.
Once you get your number you'll have to add the larger to line "C". Once you added your larger you'll gave to put in the amount of deduction your allowed if you're singe or married. Once you have found your number you will have to enter the smaller between the last two lines onto line "E". The next line "F" you'll have to get your next number only if you are married or filling jointly. If you are single you put no number down. After you have put your last number down you'll have to add the last two number again.
Income
The next number (2) will be the line where you write down the amount of interest income you have. This number is on your W-2 form.
Line number (3) will have written the amount of compensation pay you will receive or if you have not signed up to receive compensation, you will write down "0$" amount.
Line number (4) will consist of adding up the last three lines up together.
Line (5) will consist of the amount of standard deduction allowed.
Next you will subtract your maximum deductions from your annual earnings on line (6).
Payments, Credits, and Tax
Line (8a) will determine if you receive earned income credit.
If you do not receive any at all, you write down "0".
Along with (8a) you have line (8b) and this line will determine your nontaxable pay election amount if you signed up for any.
You will need to add lines (8a, and 8b) in order to complete line (9).
Line 10, you will need to put in the number from line 6 to assure your tax deductions.
Line 11 you will have to add the amount of health care you receive if you signed up for any at all.
Line 12 will be the amount of total taxes over all. You will get this number by adding lines (10, and 11).
Refund or Owe
To determine this you will have to check if line 12 is larger than 9 and if so than you will have to owe money but if vise-versa you will have a refund.