How to do a 1040EZ

By: Megan Schadeck

What forms do you need for a 1040EZ?

To complete a 1040EZ you need..


  • 1040EZ
  • W2EZ
  • 1099INT

Who gives you these forms?

  • The 1040EZ is given to you by the IRS
  • The W2EZ is given to you by the employer
  • The 1099INT is given to you by the bank

When are the forms due?

All forms are due with your taxes on April 15th of the year! (THIS DATE IS REALLY IMPORTANT)

Here is what your 1040EZ looks like

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Income portion of your 1040EZ

For the Income portion of the 1040EZ, there are 6 parts. Here are the 6 parts and a explanation of each part.


  • Part 1 - Wages, Salaries, and Tips. This can be found in box 1 of your W2. This tells your total of taxable wages.
  • Part 2 - Taxable Interest. This can be found in box 1 of your 1099-INT form. This tells you how much interest you have made in your bank.
  • Part 3 - Unemployment Compensation and Alaska Permanent Fund Individuals. You fill this part out if you were unemployed and collecting unemployment. If you were not on unemployment you put a 0 in this box.
  • Part 4 - Add lines 1, 2, and 3. This is your adjusted gross income. This tells you how much money you have made in that year.
  • Part 5 - If someone can claim you (or your spouse if a joint return) as a dependent, check the applicable box(es) below and enter the amount from the worksheet on back. This tells the IRS if you are getting claimed by someone else or if you are claiming someone else. If you are single, you fill out the portion called "Worksheet for Line 5 -- Dependents Who Checked One Or Both Boxes". When you fill that out, the amount you get is what you need to part on line 5.
  • Part 6 - Subtract line 5 from line 4. If line 5 is bigger than line 4, enter -0-. This is your taxable income. This shows your taxable income. If line 5 is bigger than line 4 put -0- on the line. If line 4 is bigger, subtract line 5 from line 4 and put your answer on line 6.

Payments, Credits, and Tax

For the Payments, Credits, and Tax portion of your 1040EZ there are 6 parts. Here are the 6 parts and an explanation of each.


  • Part 7 - Federal Income tax withheld from Form(s) W-2 and 1099. This tells you what taxes were withheld from you. You can find this in box 2 of your W-2.
  • Part 8a - Earned Income Credit. This shows your Earned Income Credit (EIC), if you don't have some, put -0- on the line for part 8a.
  • Part 8b - Nontaxable combat pay election. This is here how much money you donate to the election for that year, if you donated.
  • Part 9 - Add lines 7 and 8a. These are your total payments and credits. Add up lines 7 and 8a. These are your total payments.
  • Part 10 - Tax. Use the amount on line 6 to find your tax in the instructions. This is your tax. Look at the table, and then the amount goes on line 10
  • Part 11 - Health Care. This is where you would be the amount of money that is taken out of your pay checks for Health Care. If no money was taken ou, put -0-.
  • Part 12 - Add lines 10 and 11. This is your total tax.

Refund and Amount You Owe

REFUND

13a - If line 9 is bigger than line 12, subtract line 12 from line 9. This will be your refund. This is the amount of money you will get back to the state.



AMOUNT YOU OWE

14 - If line 12 is bigger than line 9, subtract line 9 from line 12. This is the amount you owe. This is the amount of money you have to pay back to the IRS.