Monday, January 17, 2011

[Individual]Which forms should U.S. Citizen and Resident alien use? (Jan-17-2011, 91 Days)

The basic individual income tax forms are Forms 1040, 1040 A and 1040 EZ. Taxpayers only need to choose one form to file based on their personal tax situation.

1040 EZ

1040 A

1040

Filing Status

Single or married filing jointly

All

All

Dependents

No

Yes

Yes

Personal

Under age 65 and not blind at the end of 2010

All

All

Taxable income

<=100,000

Only :

--wages, salaries, tips,

--taxable scholarship or fellowship grants,

--unemployment compensation,

--Alaska Permanent Fund dividends,

--taxable interest (not over 1,500).

<=100,000

Only:

4 more items than 1040 EZ

--Interest and ordinary dividends,

--capital gain distributions,

--pensions, annuities and IRAs

--taxable social security and railroad retirement benefits

All

Adjustment to income

No

Only:

--Educator expenses

--IRA deduction

--Student loan interest deduction

--Tuition and fees deduction

All

Deduction

Do not figure your standard deduction using Schedule L.

No itemize deduction

All

Credit

No

Only:

--Child tax credit

--Additional child tax credit

--Education credits

--Earned income credit

--Credit for child and dependent care expenses

--Credit for the elderly or the disabled

--Retirement savings contributions credit

--Making work pay credit

All

Others

Do not receive any advance earned income credit payments.

Do not owe any household employment taxes on wages.

Not a debtor in a chapter 11 bankruptcy case filed after Oct-16-2005

Can receive advance earned income credit (EIC) payments, dependent care benefits, or if you owe tax from the recapture of an education credit or the alternative minimum tax.


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