Okay in this video we're going to talk about how to fill out a 1040 EZ federal tax form now the reason we're only focusing on a 1040 EZ it's because this is the most common form that you will ever fill out when doing your taxes now let's go and get started what you're going to need is a w-2 a 1040ez form as well as the tax table now I'm going to provide all of that on the on this video here so if you have one of my worksheets or if you have something else that you can go along with and feel free let's go and get start all right step 1 use the W — now the w2 it looks like this is the form that you get every year from your employer all right it tells you how much money you make how much money you have paid in taxes state federal all that it's basically a snapshot or a progress report if you will of how much money you've made financially for your know for your for job for your job so the first thing I want to look at is how much money did you make so how much money you made was right here on the first line seventy-six thousand three hundred and fifty now going to my 1040 EZ that's what I'm going to put here seventy-six thousand, and I just forgot exactly how much it was 350 so seventy-six thousand three hundred and fifty okay now for this particular example and the ones that we're going to do in this class lines two and three it talks about taxable interest meaning if you got money off of maybe a savings account or something or step or line three is...
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How to prepare IRS 1040-EZ 2023 Form
About IRS 1040-EZ 2023 Form
The IRS 1040-EZ 2023 form is a simplified version of the individual income tax return that is designed for taxpayers with relatively straightforward financial situations. Here are some key points to know about this form: 1. Eligibility: To use the 1040-EZ form, you must satisfy certain criteria such as having a filing status of single or married filing jointly, having no dependents, and having taxable income below $100,000. 2. Income: The form is appropriate for reporting various types of income, including wages, salaries, tips, interest income, and unemployment compensation. However, it does not allow for reporting income from self-employment or investment transactions. 3. Deductions: The 1040-EZ form has limited options for deductions. It allows for claiming the standard deduction but doesn't provide space for itemized deductions. Therefore, if you have deductible expenses such as mortgage interest, medical expenses, or charitable contributions, you might need to consider using the regular 1040 form instead. 4. Credits: This form allows for claiming certain tax credits, such as the Earned Income Credit (EIC), if applicable. It also provides a worksheet to calculate the Premium Tax Credit for those who obtained health insurance coverage through the Marketplace. 5. Easy-to-use format: The 1040-EZ form is relatively straightforward and less complex compared to the regular 1040 form. It consists of only two pages, with simple instructions and easy-to-follow lines for filling in your information. This simplification helps taxpayers with uncomplicated financial situations to complete their tax return more quickly and efficiently. 6. Electronic filing: The 1040-EZ form can be filed electronically, offering quicker processing and faster refunds if eligible. IRS recommends e-filing to minimize errors, as the electronic system performs validations and calculations automatically. 7. Deadline and extensions: For the 2023 tax year, the deadline to file your 1040-EZ form was typically April 18, 2017. However, you can always request a tax extension if you need more time to complete your return. Remember that an extension only applies to the filing deadline and not to the payment of any taxes owed. 8. Record-keeping: Even though the 1040-EZ form is simplified, it's important to keep records of your income, deductions, and credits for at least three years. This includes supporting documents like W-2s, 1099s, and receipts. These records can be valuable for reference purposes or in case of future audits. It's worth noting that the IRS regularly updates tax forms and instructions. Therefore, it is crucial to consult the most recent version of the 1040-EZ form and instructions provided by the IRS for each tax year.
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