Choice of 1040 Tax Forms Clarified on Internettaxconnection.com
A recently posted article on Internettaxconnections.com identifies the three main versions of Form 1040 and the tax situations each one is intended for.
Taxpayers can now log on to Internettaxconnections.com to learn which one of the three versions of Form 1040 they should file with the IRS during tax time. When e-filing, the software picks the best form automatically, based on the user’s tax situation. The article explains how to find the best form for those still filing via paper.
The author first recommends using the IRS Free File software. One can also fill out forms electronically here and submit them for e-filing. For those filing using paper forms, three are available – these are 1040EZ , 1040A, and 1040.
To qualify to use 1040EZ , the author says one’s taxable income should not exceed $100,000. They can file single or, if married, file jointly. The form is also for those without dependents and with an interest income of below $1,500.
The stipulations for Form 1040A are listed next. It is also for taxpayers with a taxable income of less than $100,000. Those with capital gain distributions, certain tax credits they want to claim, and adjustments to income related to student loan interest and IRA contributions can submit this form as well.
For those with an income exceeding $100,000, Form 1040 is used. The form is also appropriate for itemizing deductions and reporting self-employment income. Those reporting income from property sales are also required to file their taxes with this from.
In addition, the author refers the reader to IRS Publication 17 for more help on selecting forms. The section of the IRS website for accessing tax forms is provided, as is the IRS’s phone number for having forms mailed.
For complete details, the article is available at http://internettaxconnection.com/which-1040-tax-form-should-you-file/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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