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Topic: Do I need to file a 1040?  (Read 1111 times)

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Do I need to file a 1040?
« on: January 13, 2008, 11:59:17 PM »
I had a Federal and a State tax return last year. Not great amounts, but I got them, plus I had a small bit of interest earned on a US savings account and another small bit from royalties. All total the amount is probably less than 3k. Do I have to file a 1040 this year or can I just file the 2555-EZ?


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Re: Do I need to file a 1040?
« Reply #1 on: January 15, 2008, 06:09:35 AM »
2555-EZ is an attachment to the 1040.  You can't file a 2555-EZ without it's 1040.

If the instructions on the form are this confusing, get TurboTax or do online filing.
Liz Z i t z o w, EA
British American Tax


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Re: Do I need to file a 1040?
« Reply #2 on: January 15, 2008, 08:37:57 AM »
Funny you should ask as yesterday I spent about 45 minutes on the phone to the IRS as they insist I need to file for 2005.  The reason is that I had some stocks that were bought back by the company and for all the IRS knew that was all capital gains.  I didn't know (stupidly I admit) that I still had to file even though the capital gains is only about $2,300 and that plus interest and other dividends I am still under the amount before I am required to pay taxes.  So, my best advice to you is to file even though you don't think you owe any taxes because if you don't file and you should they will eventually catch up to you.


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Re: Do I need to file a 1040?
« Reply #3 on: January 15, 2008, 01:41:42 PM »
Katey - don't forget that if you also file for 2006 you'll get a $30 refund if you claim the telephone tax refund so the IRs will at least pay you back for the phone calls & postage!


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Re: Do I need to file a 1040?
« Reply #4 on: January 15, 2008, 02:15:29 PM »
guya - thanks I'll remember that one


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