IRS 1040, 1040A and 1040EZ are three forms that taxpayers can use to file federal income tax return with IRS in the United States. The information requirement, complexity, and eligibility of taxpayers in each form are different from one another. The key differences between IRS 1040, 1040A and 1040EZ are as follows. IRS1040 is a detailed form of the Internal Revenue Service (IRS) that taxpayers use to file their annual income tax returns whereas IRS 1040A is a simplified version of the IRS1040 form to report individual income tax. IRS 1040EZ is the shortest form that can be used to file taxes and is quite straightforward and easy to fill. All three forms require general information such as the name, address and Social Security Number (SSN) of the taxpayer.
CONTENTS
1. Overview and Key Difference
2. What is IRS 1040
3. What is IRS 1040A
4. What is IRS 1040EZ
5. Similarities Between IRS 1040, 1040A and 1040EZ
6. Side by Side Comparison – IRS 1040 vs 1040A vs 1040EZ in Tabular Form
7. Summary
What is IRS 1040?
IRS1040 is a detailed form in the Internal Revenue Service (IRS) that taxpayers use to file their annual income tax returns. 1040 is also referred to as the U.S. individual income tax return and unofficially as the long form. Through this form, individuals are required to disclose their financial income for the year in order to determine whether additional taxes are owed or whether the taxpayer is due a tax refund. The following guidelines help to decide whether a taxpayer should file IRS1040.
- Earn an income or joint income over $50,000
- Self-employed/ owner of a sole proprietorship
- Itemize deductions (List out tax deductions that taxpayer is entitled to)
- Receive income from sale of property
Figure 01: Filling 1040 Form
According to IRS rules, taxpayers are required to file 1040 form with the IRS by April 15 every year. Several versions of this form are available for individuals to file their taxes.
Form 1040 PDF
What is IRS 1040A?
IRS1040A is a simplified version of the IRS 1040 form to report individual income tax and is unofficially referred to as the short form.
Figure 02: IRS 1040A Format
To be eligible to file taxes using this form, the taxpayer must meet the following requirements.
- Earn an income or joint income below $50,000
- Not own a business
- Not itemize deductions
- Adjustment to net income is only available in the form of educational loans or IRA (Individual Retirement Account) adjustments
Form 1040A PDF
What is IRS 1040EZ?
IRS1040EZ is the shortest IRS form that can be used to file taxes and is quite straightforward and easy to fill. For this reason, this form is unofficially referred as the easy form. This form is used by taxpayers who have the least complex tax situation. Following providing the income, the form combines the allowable exemptions to arrive at the taxable income. If the taxpayer meets the below requirements, he or she has to file an IRS1040EZ.
- Earn an income or joint income below $50,000
- Receive an interest income below $400
- Is under the age of 65 years
- Do not have dependents
Figure 03: IRS 1040EZ Samples
Form 1040EZ PDF
What are the Similarities Between IRS1040, 1040A and 1040EZ?
- IRS 1040, 1040A and 1040EZ are used for tax filing purpose with the IRS.
- All three forms require general information such as the name, address and Social Security Number (SSN) of the taxpayer.
What is the Difference Between IRS1040, 1040A and 1040EZ?
IRS 1040 vs 1040A vs 1040EZ |
|
| Definition | |
| IRS 1040 | IRS 1040 is a detailed form of the Internal Revenue Service (IRS) that taxpayers use to file their annual income tax returns. |
| IRS 1040A | IRS 1040A is a simplified version of the 1040 form to report individual income tax. |
| IRS 1040EZ | IRS 1040EZ is the shortest IRS form that can be used to file taxes and is quite straightforward and easy to fill. |
| Income Limit | |
| IRS 1040 | To file IRS1040 taxpayer should earn an income or joint income over $50,000. |
| IRS 1040A | To file IRS1040A taxpayer should earn an income or joint income below $50,000. |
| IRS 1040EZ | IRS1040EZ should be filled by taxpayers who earn an income or joint income below $50,000. |
| Other Requirements | |
| IRS 1040 | – Self-employed/ owner of a sole proprietorship – Itemize deductions – Receive income from sale of property |
| IRS 1040A | – Not own a business – Not itemize deductions – Adjustment to net income is only available in the form of educational loans or IRA |
| IRS 1040EZ | – Receive an interest income below $400 – Is under the age of 65 years – Do not have dependents |
| Unofficial Terminology | |
| IRS 1040 | IRS 1040 is also known as the long form |
| IRS 1040A | IRS 1040A is also referred to as the short form. |
| IRS 1040EZ | 1040EZ is unofficially known as the easy form. |
| Complexity of the Form | |
| IRS 1040 | IRS 1040 is the most detailed and thus, is complex in nature compared to the other two forms. |
| IRS 1040A | IRS 1040A is a shorter version of IRS 1040. |
| IRS 1040EZ | IRS 1040EZ is the form that requires minimum details out of the three forms. |
Summary – IRS 1040 vs 1040A vs 1040EZ
The difference between IRS 1040 1040A and 1040EZ can be mainly distinguished based on the complexity and eligibility criteria of each taxpayer. If a taxpayer does not meet the criteria to file IRS 1040A or 1040EZ, then IRS 1040 form has to be filed since it is the most detailed version. Taxpayers should be careful and select the simplest possible form based on the requirements to avoid unnecessary complications in tax filing. Furthermore, if the tax situation has changed this year from last year, the tax forms used should also change accordingly.
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References:
1.” What Are Itemized Tax Deductions?” Intuit TurboTax. N.p., n.d. Web. Available here. 21 June 2017.
2.IRS TAX TIP 2001-22 WHICH FORM –1040, 1040A, or 1040EZ? Tech. N.p.: n.p., n.d. Print.
3.Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents. N.p., n.d. Web. Available here.21 June 2017.
4.”What is the IRS 1040A Form?” Intuit TurboTax. N.p., n.d. Web. Available here. 21 June 2017.
Image Courtesy:
1. “IRS 1040 Tax Form Being Filled Out” Ken Teegardin (CC BY-SA 2.0) via Flickr
2. “Form 1040A, 2005” Public Domain) via Commons Wikimedia
3. “Form 1040EZ, 2005” (Public Domain) via Commons Wikimedia