Demo Lesson 1 - Filing Federal Taxes Page 9 of 15 Which Tax Return Form Should You Use? Which form you use will depend on your filing status (single, married-filing jointly, or separately), your income level and types of income, whether you have dependents, and any other special tax circumstance like qualifying for a tax credit. Most people use one of the following federal tax forms. 1040EZ - most young people qualify to use the simplest tax form because they meet the criteria: single, or married filing jointly with spouse have no dependents under 65 years of age and not blind taxable income is less than $50,000 earned no more than $400 in interest had no income other than wages, interest, tips, scholarships, or unemployment compensation 1040A - a step up from the 1040EZ, this form allows for dependents may only be used if taxable income is less than $50,000 wider variety of income, including pensions, social security benefits, etc. you may not itemize deductions using the 1040A 1040 - when you are older your financial life is likely to be more complicated. Owning a home, investing in the stock market, running a business, caring for dependents all are likely to require an expanded form. The 1040 allows you to itemize deductions, which can be an advantage if your expenses total more than the standard deduction. Taxable income can be greater than $50,000 Tax Forms and Instructions You can get tax forms and instruction booklets at your local library or post office. You can also download the forms and instructions online at the IRS website Once you have filed a tax return, the IRS will mail you a form and instruction booklet the following year. Go to the IRS http://www.irs.gov/formspubs/lists/0,,id=97817,00.html Note: This link will open into a new browser window. Please print any necessary information from the new site and close the new browser window when you are finished. Scroll down the page to find the list of tax forms and then scroll through them to select 2002 Inst 1040 EZ Instructions (click Review the form) HINT: You can save this file to read later. You will need it to complete your 1040EZ form at the end of this lesson. The file is about 28 pages long, therefore, printing is not recommended. Page 9 of 15 | Courtyard | Main Menu | Journal | Help | Glossary | Gradebook | Communications | Logout | © 2001 Large Unit District Association (LUDA) Education Foundation Center for the Application of Information Technologies (CAIT)