The act also mandated creation of a new Form 1040SR for taxpayers 65 and older that is supposed to be as simple as Form 1040EZ
, Income Tax Return for Single and Joint Filers With No Dependents, but will allow for reporting of Social Security benefits and retirement distributions, interest and dividends, and capital gains and losses taken into account in determining adjusted net capital gain.
This section could lead to the creation of a simple tax form, similar to the Form 1040EZ
, that people ages 65 and older could use even if they had income from Social Security, or distributions from annuities or retirement plans.
Lastly, the saver's credit is not available on the IRS' Form 1040EZ
. Many who are eligible to benefit from the credit may be using this form -- when they should be filing with IRS Forms 1040, 1040A or 1040NR -- and so don't get the tax benefit.
Many people who were formerly able to file Form 1040EZ
may find that they are no longer eligible to use this short form.
Anyone filing more than a Form 1040EZ
faces a plethora of forms, regulations, and requirements so complex that most surrender and seek professional help.
Jackson Hewitt will offer free federal Form 1040EZ
filing at its Walmart kiosks throughout the tax season, and H&R Block's kiosks will do the same until February 29.
*The free federal Form 1040EZ
offer, available at Jackson Hewitt's Walmart kiosk locations nationwide, includes up to two W-2's and is generally used by single or married taxpayers who claim no dependents and who do not itemize deductions.
In tax form 1040EZ
, all the "inputs" go into numbered boxes so the end user knows exactly where to put what information.
You'll need to file Form 1040 including Schedule A "Itemized Deductions." The simpler Form 1040A and Form 1040EZ
cannot be used.
Trained volunteers, who are certified by the IRS to prepare taxes, will help income-eligible participants prepare and electronically file: Form 1040 with Schedule A, B, EIC & R, Form 1040A with Schedule 1, 2, 3, & EIC and Form 1040EZ
A new refund option is now available for filers of Form 1040, Form 1040A, Form 1040EZ
, Form 1040NR, Form 1040NR-EZ, Form 1040-PR, and Form 1040-SS.
You cannot take the Credit for the Elderly or the Disabled if you file Form 1040EZ
. If you use Form 1040, use Schedule R, or Schedule 3 with Form 1040A, to compute the credit.