1040EZ Tax Returns
The Internal Revenue Service Form 1040ez tax returns are quick for the IRS to process. These forms often result in refunds being issued faster than refunds issued from the more detailed filing methods that are available.
IRS Form 1040ez tax returns are normally filed by taxpayers who are under 65 years of age with:
• Income levels that are less than $100,000.00.
• Interest incomes that are less than $1,500.00
• Income from wages, interest, unemployment claims, or Alaska Permanent Fund.
• A desire to collect an Earned Income Tax Credit or EITC allowance as their only tax credit being claimed.
Taxpayers who file the 1040ez tax returns are only claiming the standard deduction amount and they do not have any adjustments to make on their income. The Form 1040ez tax returns are made for the taxpayers who have a very simple income tax situation.
While students and taxpayers with children do often qualify to file the IRS 1040ez forms, these taxpayers are encouraged to consider IRS Form 1040 or 1040a instead. It is often possible for students and those with children to reap more benefits from the longer forms.
All taxpayers who use the IRS Form 1040ez tax returns are encouraged to consider requesting their Earned Income Tax Credit allowance if they qualify. This refundable credit is worth up to thousands of dollars depending upon individual circumstances.
Taxpayers who are in a hurry to get an IRS refund owed to them should file the 1040ez form if they qualify. The quickest method of filing the required IRS income tax forms is through an online tax preparation service after filling in the information on the form for the IRS income tax refund to be issued as a direct deposit.