1040EZ Form

AAA

DEFINITION of '1040EZ Form'

The 1040EZ is an alternative to the Internal Revenue Service's (IRS) 1040 income tax form and offers a faster and easier way to file taxes, meant for taxpayers with rudimentary tax situations. In order to be eligible to use this form, the individual must have a taxable income of less than $100,000, interest income of $1,500 or less, possess no dependents and fulfill other requirements set by the IRS.

Also known as "income tax return for single and joint filers with no dependents" and unofficially as the "easy form".

INVESTOPEDIA EXPLAINS '1040EZ Form'

For most individuals, the 1040EZ is the first tax form they will fill out. For example, a young adult with a part-time job will file a tax return at the end of the year. This person will have a straightforward and simple tax situation if she or he has no real estate assets, no tax shelters and no foreign income; only the most basic information is needed to determine whether any money is owed or refunded.

As an individual's taxation situation becomes more complicated by having a child and claiming a dependent, he or she may need to file under the Form 1040A or Form 1040.

To learn more about the tax forms you can choose from when filing your taxes, check out What's the difference between IRS Forms 1040 and 1040EZ?

RELATED TERMS
  1. Volunteer Income Tax Assistance ...

    An IRS program that utilizes volunteers to help provide free ...
  2. Income Tax

    A tax that governments impose on financial income generated by ...
  3. 1040A Form

    A simplified version of the 1040 form for individual income tax. ...
  4. Electronic Filing - E-File

    The process of submitting tax returns over the Internet, using ...
  5. 1040PC Form

    An income tax return that is prepared by computer in a three ...
  6. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
RELATED FAQS
  1. Can filing taxes with Form 1040EZ cost me money?

    The 1040EZ Form is a simplified version of the main annual income tax return form, IRS form 1040. You can use it if you meet ... Read Full Answer >>
  2. How do I use the IRS Free File tax forms?

    Free File is a way for taxpayers to prepare and file their federal taxes online for free. The service is available to individuals ... Read Full Answer >>
  3. What are the best free online calculators for calculating my taxable income?

    Free online calculators for determining your taxable income are located at Bankrate.com, TaxACT.com and Moneychimp.com. Determining ... Read Full Answer >>
  4. In what instances does overhead qualify for certain tax allowances?

    Businesses are just as keen as anyone else to keep their tax burdens low by any means possible. Overhead expenses often qualify ... Read Full Answer >>
  5. How are write-offs recorded on my tax return?

    The way your write-offs are recorded on your tax return varies depending on whether you are filing a personal or business ... Read Full Answer >>
  6. What is the difference between comprehensive income and gross income?

    Comprehensive income and gross income are similar, but comprehensive income is a specific term used on a company's financial ... Read Full Answer >>
Related Articles
  1. Taxes

    Before You Visit Your Tax Preparer: Do This

    The earlier you start preparing your tax records and documents, the more likely you are to have a smooth tax return experience – and all the tax benefits you're due.
  2. Taxes

    Filing Your First Tax Return

    Tax time can be intimidating - but knowing these tips can ease the process and get you a hefty return.
  3. Taxes

    Are You Paying Too Much in Taxes?

    Overpaying taxes amounts to an interest-free loan to the government. Here are some ways to avoid that scenario.
  4. Taxes

    What's a Tax Shield?

    A tax shield is a deduction, credit or other means used to reduce the amount of taxes an individual or business owes to the government.
  5. Taxes

    What's an Indirect Tax?

    An indirect tax is levied on goods or services rather than on an individual or a company.
  6. Taxes

    Understanding Excise Taxes

    An excise tax is an indirect levy charged for the sale or use of a particular item.
  7. Taxes

    Understanding the W-2 Form

    The W-2 Form is a standard Internal Revenue Service (IRS) form that employers are required to furnish employees at the end of each year.
  8. Economics

    What is a Resident Alien?

    A resident alien is a foreigner who is a permanent resident of the country in which he or she resides but does not have citizenship.
  9. Taxes

    IRS Refund Lost? Here's What to Do

    Don't panic. There are a number of reasons your refund might be delayed – and solutions for each.
  10. Investing

    Three Reasons Inflation Isn’t What You Think

    Though U.S. inflation has been firming recently— the core consumer price index rose in April for a 3rd month in a row—prices likely aren’t rising as much.

You May Also Like

Hot Definitions
  1. Xetra

    An all-electronic trading system based in Frankfurt, Germany. Launched in 1997 and operated by the Deutsche Börse, the Xetra ...
  2. Nuncupative Will

    A verbal will that must have two witnesses and can only deal with the distribution of personal property. A nuncupative will ...
  3. OsMA

    An abbreviation for Oscillator - Moving Average. OsMA is used in technical analysis to represent the variance between an ...
  4. Investopedia

    One of the best-known sources of financial information on the internet. Investopedia is a resource for investors, consumers ...
  5. Unfair Claims Practice

    The improper avoidance of a claim by an insurer or an attempt to reduce the size of the claim. By engaging in unfair claims ...
  6. Killer Bees

    An individual or firm that helps a company fend off a takeover attempt. A killer bee uses defensive strategies to keep an ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!