Using the IRS “1040EZ” Form. Do You Know… 1. Who pays taxes? 2. Why do we need to pay taxes? 3. What is a tax liability? 4. What form do most teens use.

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Presentation transcript:

Using the IRS “1040EZ” Form

Do You Know… 1. Who pays taxes? 2. Why do we need to pay taxes? 3. What is a tax liability? 4. 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. The 1040 EZ form offers quick and easy tax filing to some Americans. Click on the link below to see the 1040EZ form. Click on the link below to see the 1040EZ form. 1040ez.pdf 1040ez.pdf 1040ez.pdf

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

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

Sample W-2 Form Contains your tax information for one job in one year Contains your tax information for one job in one year You’ll receive one for each job you worked at during the year You’ll receive one for each job you worked at during the year Real World Business Chicago, IL Irma Money 2301 South Jackson Chicago, IL , , , IL , D

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

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. 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 You should have a blank 1040EZ Sample W-2 Sample W-2 Sample completed 1040EZ Sample completed 1040EZ

Do You Know… 1. Who pays taxes? 2. Why do we need to pay taxes? 3. What is a tax liability? 4. What form do most teens use to pay their tax liability?

Now its your turn to try! Print your name, address and Social Security Number in the section titled “Label” 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. 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. Complete the payments and tax section and then go to the booklet (sheet) provided in the handouts to calculate your tax.

Continued Subtract line 11 from line 10 and place that amount on line 12a. This is your refund. 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. 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. 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!! Good Luck!!