The IRS 1040EZ is a much simpler and easier form to use when filing your taxes if you are able to meet the requirements. In order to qualify to use the 1040EZ Form your filing status must be reported as Single or Married Filing Jointly. Additionally, you can't claim any dependents, such as children when filing your taxes. If you have children you are most likely required to file Form 1040.
When filing the 1040EZ you can claim credits, such as the Earned Income Credit and the Making Pay Credit. You are unable to claim the Child Tax Credit when filing the 1040EZ, as you will need to use the traditional Form 1040.
Additional rules apply for the 1040EZ if you are filing a Joint Return. For example, you must be under the age of 65 and not blind at the end of the year. Thus, you will need to file the regular Form 1040 if you don't meet these requirements. Also, your taxable income must be less than $100,000 to qualify for the 1040EZ. Although, this is not your Gross Income but is only your reported Taxable Income.
The 1040EZ is designed for taxpayers who don't have a lot of investments, deductions or available credits. Typically, single filers who don't have a high income can use the 1040EZ Form, which makes filings taxes a lot easier. Although, if you happen to own a home, you should file the traditional Form 1040, in order to receive all of the available deductions. To learn more about the Form 1040EZ and prepare your taxes check out TurboTax Online.
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