Taxpayers who use printable IRS 1040EZ forms are those who have an income of less than $100,000, don’t claim any dependents, and file as single taxpayers or as married filing jointly, as of tax year 2014, explains TurboTax.The 1040EZ is one of the easiest tax forms.
Printable 1040EZ tax forms are available on the official website of the Internal Revenue Service, explains the agency. Individuals who want to file their tax return by mail can download, fill in, print and mail their 1040EZ tax returns.
The only types of income that can be listed on Form 1040EZ are salaries, wages, tips, unemployment compensation and taxable interest of $1,500 or less, and Alaska permanent fund dividends. Taxpayers who have income from other sources, such as dividends or alimony, must file their taxes on form 1040 or 1040A.
After providing the amount of income, the form combines any allowable standard deductions and exemptions and deducts it from the gross income to arrive at the taxable income. This is the amount on which the taxpayer pays tax. Additionally, there are only two types of tax credits a taxpayer can claim when filing Form 1040EZ in 2014: the "making work pay" tax credit or the earned income tax credit, explains TurboTax.