Posts Tagged ‘1040a’
What is a 1040,1040A and 1040 EZ tax form?
March 16th, 2010
A 1040 is an individual tax return form used by most tax payers, rather you file taxes online or use the old paper trail, the form will list your filing status as single , married filing jointly,head of household,widow/er with a dependent, or married filing separately.
Your name,current address,and your tax identification number or social security number needs to be applied to this form plus the name of any dependent who qualify as an exemption .
A 1040 form will list all wages and salaries as taxable income, state refund from previous year ,alimony received, pensions and annuities, social security benefits,taxable interest from banking accounts and taxable dividends received during the year to get your adjusted gross income.
1040 A is a form listing all itemize tax deductions, such as state tax paid yearly, real estate taxes, personal property tax, medical premiums, mortgage interest reported on a 1099 form, points paid on mortgage loans,charity contributions,theft or casualty losses,and miscellaneous items which will be totaled and deducted on a 1040 form to lower your income and possibly tax liabilities.
A 1040 E Z tax form is for individuals with no dependents except them self and no itemized deductions, except the standard deduction allocated by the IRS .
Tags: 1040a, itemized deductions, wages and salaries
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