Reviewed and adapted with special permission from the IRS by: Brenda Procter, M.S., State Specialist & Instructor, Personal Financial Planning, University of Missouri Extension
There are three forms for filing individual federal income tax returns. They are Form 1040EZ, Form 1040A, and Form 1040. If you are filing a federal income tax return on paper, use the simplest form you can. This will reduce the chance of an error that may cost you money or delay the processing of your return.
1040EZ - You may qualify to use Form 1040EZ, the simplest form, if you:
* have taxable income below $100,000
* have a Single or Married Filing Jointly filing status
* are under age 65 and not blind
* are not claiming any dependents
* have interest income of $1,500 or less
1040A - You may be able to use Form 1040A if you:
* have taxable income below $100,000
* have capital gain distributions
* claim certain tax credits
* claim deductions for IRA contributions, student loan interest, educator expenses or higher education tuition and fees
1040 - If you cannot use either a 1040EZ or 1040A, you probably need to use Form 1040. You must file form 1040 if you:
* claim itemized deductions
* are reporting self-employment income
* are reporting income from sale of property
* have taxable income of $100,000 or more
Choosing the correct tax form could mean money in your pocket. Check tax instructions carefully. Publication 17, Your Federal Income Tax, is a guide to preparing federal tax forms. It is available on the IRS Web site at IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676). |
