Income Tax Tips & Information - Income Tax Blog - Leave a Message Form 1040EZ Income Tax Blog > Income Tax Forms > Form 1040EZ All About IRS Form 1040EZ Form 1040EZ is nicknamed the "easy form". Form 1040EZ is a simplified, six-section U.S. tax return. Form 1040EZ is limited to taxpayers with taxable income below $100,000 (as of tax year 2005) who take the standard deduction instead of itemizing deductions. Other restrictions for 2005 include: Filing status must be single or married filing jointly. Must be under age 65 and not blind at the end of 2005. Must not claim any dependents. Taxable income must be less than $100,000. No adjustments to income can be claimed. The only credit that can be claimed is the Earned Income Credit (EIC). You did not receive any advanced EIC payments. Also, The only income to report for the tax year consisted of wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1500. But if you earned tips, including allocated tips, that are not included in box 5 and box 7 of your Form W-2, you may not be able to use Form 1040EZ. Many taxpayers used TeleFile to file their 1040EZ, however filing by telephone has been discontinued by the IRS as of August 16th, 2005. Comments about this topic (0) · No comments yet, be the first to comment Related Income Tax Blog Resources: · Advertising Cost Tax Deduction · Earned income tax credit · Car Expenses · Capital Improvement Expenses · Retirement Plan Expenses   GOT A TAX TIP?     POST IT HERE! Subject » Name » Email » Code »   <<

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