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Using the IRS “1040EZ” Form

Taxes for Teens. Using the IRS “1040EZ” Form. Do You Know…. Who pays taxes? Why do we need to pay taxes? What is a tax liability? What form do most teens use to pay their tax liability?. 1040EZ Form. The 1040 EZ form offers quick and easy tax filing to some Americans.

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Using the IRS “1040EZ” Form

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  1. Taxes for Teens Using the IRS “1040EZ” Form

  2. Do You Know… • Who pays taxes? • Why do we need to pay taxes? • What is a tax liability? • What form do most teens use to pay their tax liability?

  3. 1040EZ Form • The 1040 EZ form offers quick and easy tax filing to some Americans. • Click on the link below to see the 1040EZ form. • 1040ez.pdf

  4. Who should use the 1040 EZ? • Young people (not claiming education credits if in college) • Singles • Married couples who do not own a home or claim children as dependents. • You do not claim any adjustments to income • Your taxable income is less than $100,000.

  5. What paperwork do you need to use the 1040EZ? • W-2 forms from your employer • Personal information such as social security number and address, but no other paperwork. • You can obtain your 1040EZ from your local library. U.S. Post Offices and some banks. You can also file online if you choose.

  6. 16,680.24 1,728.00 12-2222222 16,680.24 1034.16 Real World Business Chicago, IL 60640 16,680.24 241.92 000-00-000 D 2000.00 Irma Money 2301 South Jackson Chicago, IL 60640 IL 12-2222222 16,680.24 440.40 Sample W-2 Form • Contains your tax information for one job in one year • You’ll receive one for each job you worked at during the year

  7. Samples and Practice • Next we’ll take a look at how to complete the form • Then you’ll get to fill out your own Click the link to see a completed sample 1040EZ.pdf

  8. 1040EZ Instructions • Ironically, when printed out, the IRS’s instruction book for this 1 page “EZ” form is about a 3/8 inch thick 35 page document. • You should have a blank 1040EZ • Sample W-2 • Sample completed 1040EZ

  9. Do You Know… • Who pays taxes? • Why do we need to pay taxes? • What is a tax liability? • What form do most teens use to pay their tax liability?

  10. Now its your turn to try! • Print your name, address and Social Security Number in the section titled “Label” • We will use the sample W-2 form for the Income section and complete as indicated calculating your taxable income. • Complete the payments and tax section and then go to the booklet (sheet) provided in the handouts to calculate your tax.

  11. Continued • Subtract line 11 from line 10 and place that amount on line 12a. This is your refund. • Otherwise you may owe money and have to write a check. • Be sure to sign your return and add in additional information as required. You should not need a paid preparer for this form. • Good Luck!!

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