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Topic: Which Form, 1040, 1040A, or 1040EZ?  (Read 979 times)

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Which Form, 1040, 1040A, or 1040EZ?
« on: January 09, 2004, 05:39:33 PM »
IRS TAX TIP 2004-05


If you are filing a federal income tax return on paper, use the simplest form you can, the IRS advises. The simpler the form, the less chance of an error that may cost you money or delay the processing of your return. The simplest is Form 1040EZ. Form 1040A covers several additional items not addressed by the EZ. Form 1040 should be used when itemizing deductions
and reporting more complex investments and other income. Here are some guidelines to help you determine which form to use:

1040EZ
 Taxable income below $50,000
 Single or Married Filing Jointly
 Under age 65
 No dependents
 Interest income of $1,500 or less

1040A
 Taxable income below $50,000
 Capital gain distributions, but no other capital gains or losses
 Only tax credits for child tax, education, earned income, child and dependent care expenses, adoption and retirement savings contributions
 Only deductions for IRA contributions, student loan interest, educator expenses or higher education tuition and fees
 No itemized deductions

1040
 Taxable income of $50,000 or more
 Itemized deductions
 Self-employment income
 Income from sale of property

If you cannot use either a 1040EZ or 1040A, you probably need a regular 1040. You can use the 1040 to report all types of income, deductions, and credits. You may have been mailed a 1040A or 1040EZ tax package this year
based on the return you filed last year. If your situation has changed this year, it may be to your advantage to file a 1040 instead. For example, you may pay less tax by filing a 1040 because you have enough deductions to itemize this year.

Remember, choosing the correct tax form could mean money in your pocket. Check your tax instructions carefully. Publication 17, Your Federal Income Tax, is a helpful guide to preparing your federal tax forms. It is available from the IRS Web site at www.irs.gov or by calling toll free
1-800-TAX-FORM (1-800-829-3676).
HT TAX (US & UK Tax Services)
e-mail:h.tanhaie@ntlworld.com


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Re: Which Form, 1040, 1040A, or 1040EZ?
« Reply #1 on: January 09, 2004, 06:40:54 PM »
Since I'm filling out forms 2555 and 1116, don't I need to fill out the normal 1040?  I don't have any US earnings at all and no US assets at all.  All my earnings are UK employer/paid in £'s, and I just started working this August.

So is it 1040 for me?
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Re: Which Form, 1040, 1040A, or 1040EZ?
« Reply #2 on: January 09, 2004, 08:13:45 PM »
I'm quite confused about this as well, my dad usually did my taxes for me in the states.  Di I have to file if I haven't worked in the US since November 2003?  That was filed with last years correct?  And if not, what do I fill out and call me daft, but do I state my earnings over here?  


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Re: Which Form, 1040, 1040A, or 1040EZ?
« Reply #3 on: January 09, 2004, 09:16:54 PM »
Just to clarify, if you have been working in the UK and therefore need to complete form 2555 and 1116 with your returns, your only option is to file Form 1040.
HT TAX (US & UK Tax Services)
e-mail:h.tanhaie@ntlworld.com


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