Form 1040EZ
From Wikipedia, the free encyclopedia
The Form 1040EZ, Income Tax Return for Single and Joint Filers with No Dependents, (nicknamed the "easy form") is a simplified, six-section Federal income tax return, issued by the United States' Internal Revenue Service. Its use is limited to taxpayers with taxable income below $100,000 (as of tax year 2005) who take the standard deduction instead of itemizing deductions.
Other restrictions for 2005 include:
- Filing status must be single or married filing jointly.
- Filer must be under age 65 and not blind at the end of 2005.
- Filer must not claim any dependents.
- Taxable income must be less than $100,000.
- No adjustments to income can be claimed.
- The only credit that can be claimed is the Earned Income Credit (EIC).
- The only income to report for the tax year consisted of wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and filer's taxable interest was not over $1500. But if the filer earned tips, including allocated tips, that are not included in box 5 and box 7 of your Form W-2, filer may not be able to use Form 1040EZ.
- Filer did not receive any advanced EIC payments.
Many taxpayers used TeleFile to file their 1040EZ, however filing by telephone has been discontinued by the IRS as of August 16th, 2005.
