IRS Tax Form 1040
Are you ready to file your taxes yet? Although it might not be that time of year right now, you can bet that it will arrive soon! Bear in mind that this year (like last year) you can no longer count on the arrival of your IRS Tax Form 1040 in the mail to remind you – so you’d better stay on top of things!
Part of the trouble with the IRS Tax Form 1040 is that it really is lengthy, complicated, and a complete chore to fill out.
Chances are you may have heard that you don’t really need to fill out the entire long and tedious IRS Tax Form 1040 – and this is really true!
While most people do use the 1040 form, the fact of the matter is that you could be qualified to use some of the ‘easier’ and much shorter varieties!
Why not find out whether or not you could save yourself some time and a lot of hassle?
IRS Tax Form 1040 a
In general, the IRS Tax Form 1040 A is known as the ‘short’ form. That is because when compared to its original counterpart it really is a lot shorter!
Unfortunately not everyone can use this form.
Firstly, in order to qualify you’re going to need to have a yearly taxable income that is less than $100,000 and you need to take a standard deduction as opposed to itemized deductions.
Also, you’re going to have to make sure that your income only comes from wages, salaries, tips, interest and ordinary dividends, capital gains distributions, taxable scholarships and fellowship grants, pensions, annuities, or unemployment compensation.
There are a few other eligible sources of income too – and you should check them out to make certain that you qualify!
IRS Tax Form 1040 EZ
As the name implies, this is the ‘easiest’ version of the 1040 form and it is a simple 6 section form that is meant for single or joint filers who have no dependents.
Generally, this form has a lot more restrictions on it, such as the fact that you will not be able to claim various tax credits except for the Earned Income Tax Credit, amongst others.
If you’re really not certain whether you qualify for the IRS Tax Form 1040 EZ – check out the list of requirements online. Be warned though – it is fairly strict, and so you might very well have to rely on either the ‘short’ form or the full-fledged version!
All said and done, these are the three main popular types of the IRS Tax Form 1040. Granted, there are others – but they’re generally intended for very specific cases, such as for non-residents, amendments, and so on.
In short – knowing these three types of forms should be enough for you to figure out which one you need to be filling out by the end of the year!
Remember: Do not expect to receive anIRSTax Form 1040 in the mail! If you do, you’re going to be sorely disappointed and may even end up missing the due date for income tax filing as a result!
IRS Tax Form 1040 Commitment
Figure out which IRS Tax Form 1040 version you’ll have to file at the end of the year, and also learn a little bit about the various restrictions and conditions that apply to the easier versions of the 1040 form.
