Taxes for Teens Using the IRS “1040EZ” Form

Do You Know… What form do most teens use to file their federal taxes? 1040EZ 2040A 2040EZ

Do You Know… What form do you get from your employer at the end of the tax year if you had federal tax withheld from your paycheck? V-1 V-2 W-1 W-2

Do You Know… Where can you most likely NOT get the 1040EZ form? Local Library Post Office School Library Online

In this lesson, you will learn Who can file the 1040EZ form, What a W-2 form is, and How to file the 1040EZ form.

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 FORM

Who should use the 1040 EZ? Your filing status is single or married filing jointly. You do not claim any dependents. You do not claim any adjustments to income . You had only wages, salaries, tips, taxable scholarship or fellowship grants. your taxable interest was not over $1,500. Your taxable income is less than $100,000.

1040EZ is Simple to File The one-page form has four short sections: Personal Information Sources of Income Payments, credits and tax Calculating refunds and amounts due Personal Information: name, address and Social Security number Sources of Income: wages, salaries, tips, taxable interest of $1,500 or less Payments, credits and tax: tax payments if you have already made through employer withholding or making estimated tax payments. Calculating refunds and amounts due: If you have overpaid, you are entitled to a refund. If you have underpaid, you need to include a payment for the remaining balance with your tax return.

Where do you get the 1040EZ form? Local Library. U.S. Post Offices Banks. Online

When is the filing deadline for taxes? Usually April 15 of the following year.

The W-2 Form

What is W-2 Form? Your employer issues you a W-2 if you had federal tax withheld from your paycheck. W-2 reports the total amount of tax withheld. You will receive one W-2 form for each job you worked at during the year. Summary of tax deductions from pay stub. Notice that salary was $20,000, but taxable income (box 1) is much less because of pre-tax deductions! One for each job in year. Must be mailed to employees by January 31. Used to file tax return that must be filed by April 15.

Sample W-2 Form 16,680.24 1,728.00 16,680.24 1034.16 Real World Business Chicago, IL 60640 16,680.24 241.92 D 2000.00 Irma Money 2301 South Jackson Chicago, IL 60640 Summary of tax deductions from pay stub. Notice that salary was $20,000, but taxable income (box 1) is much less because of pre-tax deductions! One for each job in year. Must be mailed to employees by January 31. Used to file tax return that must be filed by April 15.

Samples and Practice Next we will take a look at how to complete the form. Then you will get to fill out your own. Click the link to see a completed Sample 1040EZ

Using the following, let’s practice 1040EZ instruction book A blank 1040EZ form. Sample W-2 Sample completed 1040EZ

Now it is your turn to try! Print your name, address and Social Security Number. Using the sample W-2 form, complete the Income section and calculate your taxable income. Complete the payments and tax section and then go to the booklet (sheet) provided in the handouts to calculate your tax.

Continued Find out whether you will get a refund (Line 11a) or you owe money to IRS (Line 12). If you are getting a refund, you can have your refund mailed to you or directly deposited into your bank account. If you owe money, you have to write a check. Be sure to sign your return and add in additional information as required. Good Luck!!

Do You Know… What form do most teens use to file their federal taxes? 1040A 1040EZ 2040A 2040EZ 2

Do You Know… What form do you get from your employer at the end of the tax year if you had federal tax withheld from your paycheck? V-1 V-2 W-1 W-2 4

3 Do You Know… Where can you most likely NOT get the 1040EZ form? Local Library Post Office School Library Online 3

Resources 1040EZ Forms 1040EZ Instructions Video Instructions on Filing 1040EZ Sample W2 Form More forms from the IRS