Its Tax Time!!
#1
Its Tax Time!!
Here are some general rules to consider when deciding which paper tax form to file.
Use the 1040EZ if:
Your taxable income is below $100,000
Your filing status is single or married filing jointly
You are not claiming any dependents
Your interest income is $1,500 or less
Use the 1040A if:
Your taxable income is below $100,000
You have capital gain distributions
You claim certain tax credits
You claim adjustments to income for IRA contributions and student loan interest
If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. Among the reasons you must use the 1040 are:
Your taxable income is $100,000 or more
You claim itemized deductions
You are reporting self-employment income
You are reporting income from sale of property
Use the 1040EZ if:
Your taxable income is below $100,000
Your filing status is single or married filing jointly
You are not claiming any dependents
Your interest income is $1,500 or less
Use the 1040A if:
Your taxable income is below $100,000
You have capital gain distributions
You claim certain tax credits
You claim adjustments to income for IRA contributions and student loan interest
If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. Among the reasons you must use the 1040 are:
Your taxable income is $100,000 or more
You claim itemized deductions
You are reporting self-employment income
You are reporting income from sale of property
#4
They have children and have incomes low enough to qualify for Earned Income Tax Credit. Do you really want to try raising two or three kids on say 30K a year? Then you too can get a huge tax refund!
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dltaylor
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01-27-2012 08:04 AM