Preparing a 1040EZ
Completing your 1040EZ
Line 1: First, write your wages, salaries, and tips. This should be shown in box 1 of your W-2 form
Line 2: Write your taxable interest on line 2, but remember, if the total is over $1,500, you cannot use Form 1040EZ
Line 3: If you have any unemployment compensation, write it down here.
Line 4: Add the above lines, put the total here
Line 5: Follow instructions on back of Form 1040EZ
Line 6: Subtract line 5 from line 4 and this will be your taxable income. Important note: If line 5 is larger than line 4, enter "0"
Line 7: Enter your Federal Income Tax withheld that is provided to you on your Form W-2
Line 8: Enter your Earned Income Credit (EIC)
Line 9: Add lines 7 and 8a, these are your total payments and credits
Line 10: Use the number you entered on line 6 to find your taxable interest which can be found on your tax table.
Line 11: Health Care should be entered here.
Line 12: Add lines 10 and 11
Line 13: If line 9 is larger than line 12, subtract line 12 from line 9. This is your refund. Enter the total on this line
Line 14: If line 12 is larger than line 9, subtract line 9 from line 12. This is the amount you owe. Enter the total here.
Congratulations you have completed your first 1040EZ and you are now ready for more upcoming adult responsibilities!