Form 1040, Form 1040A and Form 1040EZ are the main forms used by individuals filing taxes with the Internal Revenue Service. The proper form to use is determined by the filing status of the taxpayer.Continue Reading
Form 1040EZ is the simplest of the forms and can be used by anyone who is under the age of 65, earned less than $100,000 during the tax year, does not plan to itemize deductions and does not plan to claim anyone else as a dependant.
Form 1040A is a slightly more complicated version of the form that can be used by anyone who earned less than $100,000 for the tax year and does not have income from self-employment. This form allows filers to make certain adjustments to their taxable income. These adjustments cover the most common situations, including child tax credits and deductions for student loan interest. However, this form does not allow the user to itemize deductions.
Form 1040 is used by everyone whose situation is not covered by the less complicated versions of the forms. The IRS has a catalog of over 1,000 supplementary forms and schedules covering all situations that can filed along with this form. The most common of these include Schedule A for itemized deductions, Schedule B for interest and ordinary dividends, Schedule C for business profits and losses and Schedule D for capital gains and losses.Learn more about Taxes