Q:

What is IRS Form 1040EZ?

A:

Quick Answer

IRS Form 1040EZ is an income tax return form used by individuals who have an income less than the allotted amount and have no dependents, explains Turbo Tax. Single taxpayers or married taxpayers filing jointly may be eligible.

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Full Answer

As of the tax reporting year 2014, the only types of income allowed on Form 1040EZ are wages, tips, taxable interest of $1,500 or less, and unemployment compensation. Taxpayers can also list Alaska permanent fund dividends on Form 1040EZ, but taxpayers who have income from other sources must file their income taxes on either Form 1040 or 1040A, according to Turbo Tax.

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