What is Tax Form 1040EZ?
The 1040EZ is a certain type of tax form which is specifically an easy type of tax form.
It is also popularly known as the Income Tax return for joint and single tax filers who has no dependents.
It is also a simplified and 6 section federal income tax rebate form and is specifically provided by the USA Internal Revenue Services.
The use of this tax form is specifically limited to certain tax payers as to with the fact that it can only be utilized by those people who has an annual income below the amount of $100,000 as of the year 2006.
The tax payer must also be able to take the standard type of deduction instead of taking the itemized type of tax deduction.
Posted below are some of the other restrictions of the 1040EZ tax form as of the year 2005:
The tax filing status should really be a married and or singe joint type of filing.
Certain tax filers should really be under the age of 65 years and should specifically not be blind by the end of the year 2005.
Certain tax filers should not claim any sort of dependents except their selves.
Certain tax filers must always put on in mind that they can never re-claim and adjust their monthly and or annual income.
Certain tax filers must always put on in mind that the only type of credit which they can claim and adjust is none other than the EITC and or the Earned Income Tax Credit.
Certain tax payers must always put on in mind that the only type of income which can they report for the tax year are like the:
o Wages
o Salaries
o Tips
o Taxable scholarships
o Fellowship grants
o Unemployment compensation
o Alaska permanent fund dividends
o Tax filer’s taxable interest which is not over $1, 500.
But if in any case that the filer’s earned tips which specifically includes allocated type of tips which are not included in the box 7 and box 5 of the form W-2 then the tax filer might not be able to utilize the 1040Ex tax form.
This also means that any tax filer who did not receive any sort of advanced EIC tax payments notice is also not able to utilize the stated form.