And now here is a question. Trio of 1040s got you dizzy, this is the case right? We can help you determine where you might fit on the 1040 spectrum, from the short sweet to the complex, if you’re not sure which kind of tax form you might be filing. You can’t itemize tax deductions, and you can’t have income from ‘self employment’, alimony, dividends or capital gains, with the 1040EZ.
You can’t claim credits or deductions, with the Earned exception Income Credit. You can’t claim charitable donations, mortgage interest paid, credits for child and dependent care expenses or education credits. Needless to say. Lots of info can be found by going on the web. EIC that you can be able to claim can be larger if you use a 1040A or 1040 in some circumstances. You can’t itemize deductions, that means you can’t deduct charitable donations or mortgage interest paid. You can’t claim a AMT adjustment on stock acquired from exercising an incentive stock option.
Form 1040 is the 3 most complex major individual tax forms and it offers tax breaks that aren’t available on the simpler Form 1040EZ or Form 1040A.
You can report all types of income types, expenses, and credits on a 1040. Known while filing a form that’s too simple for your tax situation may cause you to forfeit credits and deductions you’re entitled to, be sure to consult a tax pro to make sure you’re choosing the form that’s appropriate for you.