When you can’t use the wonderfully simply and easy 1040EZ to prepare your federal income taxes, never fear, there’s always the 1040A. IRS Form 1040A is still shorter and easier than the full 1040 long form but not quite as simple as the EZ. you still have to end up with taxable income of less than $100,000 in order to qualify to use IRS Form 1040A. You still must use the standard deduction, not itemizing your deductions. So, what can you do with IRS Form 1040A that you can’t do with the EZ?
With IRS Form 1040A You Can…
- Claim tax credits other than the Earned Income Credit
- Report income from Capital Gain Distributions
- Report income from pensions, annuities, and IRAs
- Report taxable income from Social Security or Railroad retirement benefits
- Claim the IRA deduction
- Claim the student loan interest deduction
- Claim the educator expenses deduction
- Claim the tuition & fees deduction
- Claim the child & dependent care expenses credit
- Claim eduction credits
- Claim the child tax credit
- Claim the additional child tax credit
- Claim the retirement savings contribution credit
- Received dependent care benefits
If you report any income from a business or you are self-employed then you can’t use IRS Form 1040A…you must must use the long form 1040. And, if you want to itemize deductions then you’re locked into using the 1040, also known as the Long Form.
Using Tax Software to Prepare Your Own Tax Return …
If you prepare your own taxes using software, then the question of which tax form to use is moot. The software chooses the correct form (IRS Form 1040A, EZ etc) for you based on the answers you give to its questions.
But if you’d like to take a look at IRS Form 1040A then here it is, straight from the IRS website at IRS.gov.