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<\/a>Most US Persons prefer to e-file these days and the tax software automatically chooses the best form for your particular situation. However, taxpayers who choose to file a paper tax return, here are some tips that will help choose the best tax form for their situation.<\/p>\n
You can generally use the 1040EZ if:<\/p>\n
Your taxable income is below $100,000;
\nYour filing status is single or married filing jointly;
\nYou are not claiming any dependents;
\nYour income is only from wages, salaries, tips, unemployment compensation, Alaska Permanent Fund dividends, taxable scholarship and fellowship grants, and taxable interest of $1,500 or less.
\nYou do not claim any adjustments to in-come, such as a deduction for IRA contributions or student loan interest.
\nYou do not claim any credits other than the earned income credit. <\/p>\n
If you can\u2019t use Form 1040EZ, you may qualify to use the 1040A if:<\/p>\n
Your taxable income is below $100,000;
\nYour income is only from: <\/p>\n
Wages, salaries, and tips,
\nInterest,
\nOrdinary dividends (including Alaska Permanent Fund dividends),
\nCapital gain distributions,
\nIRA distributions,
\nPensions and annuities,
\nUnemployment compensation,
\nTaxable social security and railroad retirement benefits, and
\nTaxable scholarship and fellowship grants. <\/p>\n
If you receive a capital gain distribution that includes unrecaptured section 1250 gain, section 1202 gain, or collectibles (28%) gain, you cannot use Form 1040A. You must use Form 1040. <\/p>\n
You claim certain tax credits;
\nYour adjustments to income are for only the following items:
\nEducator expenses.
\nIRA deduction.
\nStudent loan interest deduction.
\nTuition and fees. <\/p>\n
If you cannot use the 1040EZ or the 1040A, you\u2019ll probably need to file using the 1040. <\/p>\n