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Video instructions and help with filling out and completing What is irs 1040ez

Instructions and Help about What is irs 1040ez

Hello and welcome to your next video today I'm going to show you how to fill out the 1040 ez tax form now don't be alarmed they call it the EZ tax form for a reason it's the simplest version and I'm going to teach you how to fill it out because that way you don't have to pay someone else or depend on your parents for the rest of your life okay let's get started the first thing you need to do is figure out if you need to file a tax form and if you're a dependent which most of you still are that means that your parents claim you on their tax form you need to file your own taxes if one of these four things is true one your unearned income which would be things like interest income is over nine hundred and fifty dollars to your earned income so this is income from a job is over five thousand nine hundred and fifty dollars three your earnings from self-employment so this is a job that you've created for yourself are over four hundred dollars or for your combined earned and unearned income is more than nine hundred and fifty dollars or your earned income plus an additional three hundred dollars so if one of those is not true then you don't have to file a tax form you may still want to file a tax form because as soon as you can show that you have earned income you are eligible to start some sort of IRA whether it be a traditional or a Roth and we know that the sooner we can start putting money into retirement the better off we'll be there are three important tax states that I want you to remember the first one is January 31st because by this date you should have all of your tax documents sent to you it doesn't mean that you necessarily will there are some businesses away until the very last second but in theory you should have everything by that March first this is a review date that I want you to remember because we've already talked about how your FAFSA form should be turned in by March 1st the last one is April 15th this is the date that your taxes are due the stuff you need to fill out the 1040 EZ tax form is pretty simple you need uw2 some basic personal information about yourself and any interest income that you've earned over the course of the year now of course you're also going to need the actual tax form in the tax table that goes along with it but once you have that stuff you'll have everything that you need here is our practice problem we're going to use a w-2 and the following information to fill out a 1040 EZ tax form together so here's our information we're going to fill it out for jose d Cuevas.

FAQ

How do you fill out a 1040EZ tax form?
The instructions are available here 1040EZ (2022)
How do you fill out line 5 on a 1040EZ tax form?
I suspect the question is related to knowing whether someone can claim you as a dependent, because otherwise line 5 itself is pretty clear.General answer: if you are under 19, or a full-time student under the age of 24, your parents can probably claim you as a dependent. If you are living with someone to whom you are not married and who is providing you with more than half of your support, that person can probably claim you as a dependent. If you are married and filing jointly, your spouse needs to answer the same questions.Note that whether those individuals actually do claim you as a dependent doesn't matter, the question is whether they can. It is not a choice.
Is it okay to send the 1040EZ form alone to IRS?
The 1040EZ is for if your situation is very simple - you only have W2 income up to a certain amount and little or no interest income. No other IRS forms or schedules can be sent with it, except you will need to attach a copy (preferably with a paper clip) of your W2 statement from your job.
What is the IRS form W-10 and how is it correctly filled out?
While you may have never heard of IRS Form W-10, you will if you’re currently paying or planning to pay someone to care for a child, dependent, or spouse? If you are, then you may qualify to claim what’s called the Child and Dependent Care credit on your federal income tax return. To claim this credit, your care provider must fill out a W-10. You may also need to fill out the form if you receive benefits from an employer sponsored dependent care plan.It’s certainly worth it to see if you qualify (and for this we recommend that you consult with a tax professional). The child and dependent care credit can be up to 35 percent of qualifying expenses, depending on adjusted gross income. For 2022. filers may use up to $3,000 of expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals. (When it comes time to figure your qualifying expenses, remember that they must be reduced by the amount of any dependent care benefits provided by your employer, if those benefits were deducted or excluded from your income.)Do You Qualify for the Credit?To see if you need to have your care provider fill out a W-10, first determine if you qualify for the credit for child and dependent care expenses. To qualify, the care must have been provided for one or more qualifying persons, generally a dependent child age 12 or younger when the care was provided. Certain other individuals, spouses and those who are incapable of self-care, may also be considered qualifying persons. (Note: each qualifying individual must be listed on your tax return.)Remember also that the amount you can claim as a credit is reduced as your income rises. According to the Tax Policy Center, “Families with income below $15,000 qualify for the 35 percent credit. That rate falls by 1 percentage point for each additional $2,000 of income (or part thereof) until it reaches 20 percent for families with income of $43,000 or more.”Next, consider why the care was provided. To qualify, the person (or couple, if married and filing jointly) claiming the credit must have sought care so they could work or search for employment. Further, the individual or couple filing must be considered earned income earners. Wages, salaries, tips, other taxable employee compensation, and net earnings from self-employment all qualify individuals as having earned income. For married filers, one spouse may be considered as having earned income if they were a full-time student, or if they were unable to care for themselves.Who did you pay for care? Qualifying funds spent for care cannot be paid to a filer’s spouse, a dependent of the filer, or to the filer’s child, unless that child will reach age 19 or older by the end of the year. (The rule for payments to the filer’s child does not change, even if the child is not the filer’s dependent.) Filers must identify care providers on their tax return.There are just a few more qualifying details. To qualify, filing status must be single, married filing jointly, head of household or qualifying widow(er) with a dependent child. The qualifying person must have lived with the person filing for over one half of the year. There are exceptions, for the birth or death of a qualifying person, and for children of divorced or separated parents.IRS Form W-10So, if you meet those criteria, then its time to make sure your care provider fills out a W-10. The form is simple to fill out, requiring only the provider’s name, address, signature and taxpayer identification number (usually their social security number). The form is only for your records, details about the provider will come when you fill out form 2441 for Child and Dependent Care Expenses.Source: The Child and Dependent Care Credit and IRS W-10 Form
How can I fill out an IRS form 8379?
Form 8379, the Injured Spouse declaration, is used to ensure that a spouse’s share of a refund from a joint tax return is not used by the IRS as an offset to pay a tax obligation of the other spouse.Before you file this, make sure that you know the difference between this and the Innocent Spouse declaration, Form 8857. You use Form 8379 when your spouse owes money for a legally enforeceable tax debt (such as a student loan which is in default) for which you are not jointly liable. You use Form 8857 when you want to be released from tax liability for an understatement of tax that resulted from actions taken by your spouse of which you had no knowledge, and had no reason to know.As the other answers have specified, you follow the Instructions for Form 8379 (11/2016) on the IRS Web site to actually fill it out.
If the IRS knows how much money we owe, why do we need to fill out returns?
Because the IRS doesn't know how much money you owe. They know approximately what you made, and they know a little bit about some of your deductions, but they don't know whether and to what extent you are entitled to additional deductions or credits, or whether and to what extent you earned money from transactions not reported to the IRS. Even on the transactions that were reported to the IRS, the IRS doesn't always know how much of that income is actually taxable - or at what rate.
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