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JK Harris offers tips on choosing the correct tax form
NORTH CHARLESTON, S.C. – Tax filing time is here and for those that are ready to file, you may be faced with the choice of which 1040 form to use.
“If you are filing your own taxes, use the simplest form you qualify to use,” said Teresa Thomas, Licensed Taxpayer Representative for JK Harris, the nation’s largest tax resolution firm.
Thomas explained that knowing the difference in the three different forms taxpayers can file will reduces the chance of a delay in processing one’s individual tax return.
The IRS offers three different 1040 or Individual Tax Return forms to choose from: the 1040EZ, 1040A and the 1040.
Form 1040EZ, the easiest and most straightforward form, is available to those taxpayers whose taxable income is less than $100,000, who are filing single or married filing jointly, who are under 65 and are not blind, who are not claiming any dependents, or who have interest income of less than $1,500.
Form 1040A is available to taxpayers who have taxable income less than $100,000, have capital gains distributions, can claim certain tax credits, can claim deductions for IRA contributions, student loan interest, educator expenses or higher education tuition and fees.
Lastly, Form 1040 is filed by taxpayers that cannot use either the 1040EZ or the 1040A. This group includes taxpayers who have taxable income of $100,000 or more, who claim itemized deductions, who may be reporting self-employment income or who are reporting income from the sale of a property.
“If you are filing a tax return on paper, these guidelines will help you to file the correct form for you circumstances,” said Thomas.
Tax forms are available at many libraries and post offices for free. Taxpayers may also access tax forms on the Internet at www.irs.gov or order them by phone at 1-800-TAX-FORM.