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Video instructions and help with filling out and completing 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