Here's a guide to what is on these forms and what has changed from previous tax years. This form covered a broad range of taxpayers. However, filing with Form EZ is no longer an option. This form has since been replaced by Form and Form SR, depending on your tax situation.
This form made it easier and faster to report basic tax situations. Now, through at least , most taxpayers will use either Form or SR to prepare their taxes and file with the IRS. IRS Form acts as one of the official documents that you can use to file your annual federal income tax return.
Form has replaced Form EZ since tax year , but if you haven't filed a return using Form EZ for tax years and earlier, you may still access past versions of the form on the IRS website or through TurboTax's tax preparation software.
Form has separate sections where you report your income, tax deductions, and some tax credits to determine your tax bill and whether you owe money or can expect to receive a refund. Depending on the types of income you report and the tax deductions or tax credits you claim, you may need to attach other forms or schedules. Before it was discontinued, Form EZ allowed you to claim a handful of credits and deductions on your tax return. For example, if you needed to file a simple return, but you were also claiming the standard deduction and the earned income tax credit EITC , you could use Form EZ.
Form asks you to include information about dependents, while EZ didn't allow you to claim any. Form resembles Form EZ by allowing you to claim income from:. Form has many more income categories for items such as Social Security benefits and alimony, along with the ability to claim more deductions.
Forms and SR resemble the EZ form, which originally aimed to simplify the tax return preparation process if you faced a straightforward tax situation and met certain conditions. Now, with Forms and SR as options, the choice is still simple for most taxpayers. The regular form includes more income categories, deductions, and credits, while the SR form is only available to you if you are 65 or older. It does not matter which name is written first so long as you file the same way each year.
On the third and fourth lines, you will write your address. Only include a P. Next, you will be completing the Income section by stating the sum of your Form s W-2 in line 1. This part of the form is necessary to account for your gross wages, salaries, and tips. Enter any taxable interest on line 2 and unemployment compensation and Alaska Permanent Fund dividends on line 3.
Adding lines will provide you with your adjusted gross income. Additionally, if either you or your spouse if married and filing jointly can be claimed as a dependent, you must check the appropriate box. When you are finished with this portion of the form, you will move on to the next section, Payments, Credits, and Tax, and follow the instructions outlined by the IRS.
This section will determine whether you will receive a refund or owe a tax penalty. In line 7, you will write the amount of federal income tax withheld according to your W This information can be found on box 2 of your Form s W Next, any EIC or nontaxable combat pay election will be added to lines 8a-b. If you are eligible for a refund, you will supply the IRS with your banking information. However, if you owe a tax penalty, you will need to pay your debt by the deadline.
You can pay your tax debt online, by money order, or with cash. Need help with your income taxes? Indiana has a flat income tax, meaning you pay the same tax rate regardless of income. This deduction allows some taxpayers to deduct the money they spend on state and local taxes.
The AMT has its own set of tax rates and requires a separate calculation. Do all you can to reduce your tax bill, even if your financial situation is simple and straightforward. Learn how these differ and how they both can impact your budget. If not, you will have to enter an individual responsibility payment. For Line 12, add lines 10 and This is your total tax. The next section of the form is for your tax refund.
On Line 13a, if Line 9 is larger than line 12, subtract line 12 from line 9. This is your refund. On Line 13d, write the account number. Line 14 is for those who owe money. If line 12 is larger than line 9, subtract line 9 from line This is the amount you owe.
In the next section, you can indicate whether you would like to authorize a third party such as an accountant to discuss your return with the IRS.
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