1040EZ Form
 |
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. |
Related Definitions
Articles Of Interest
-
10 Steps To Tax Preparation
Follow these simple steps to get you ready for April 15. -
Filing Your First Tax Return
Tax time can be intimidating - but knowing these tips can ease the process and get you a hefty return. -
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 with adjusted gross incomes below a certain level - $56,000 in ... -
New Tax Rules Target The Top Tax Bracket
The American Taxpayer Relief Act brings about new tax rules for the wealthy that people such as Warren Buffett have been calling for over the last few years. -
The Financial Fallout Of The DOMA Repeal For Same-Sex Couples
The recent Supreme Court decision to repeal the Defense of Marriage Act has paved the way for same-sex couples to enjoy the same federal benefits as opposite-sex couples. -
Is It Foolish To Strive For The American Dream?
Even Jay Gatsby's stubborn optimism in The Great Gatsby would be hard pressed to believe that rags-to-riches stories are possible in today's economy. Find out why the ever-increasing wealth gap ... -
Canadians: Smart Ways To Use Your Tax Refund
Taxes are an annoying annual chore akin to going to the dentist. Luckily, however, some of us get a nice tax refund after the process. It's important to use this refund wisely though, and Canadians ... -
Has Income Tax Become A Class Tax On The Poor?
With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ... -
Possible Effects Of The Online Retail Tax
The U.S. Senate has passed a bill that will impose a sales tax on online retailers. Discover how the Marketplace Fairness Act could affect your bottom line. -
How To Get The Most Out Of Hiring An Accountant
When you hire an accountant, getting good tax advice going forward is as valuable as – or perhaps even more valuable than - getting the previous year’s taxes filed correctly. Learn what you need ...
Free Annual Reports