Check Out Our Article The Different Tax Forms

What is the Difference Between Form 1040 vs 1040-EZ vs Form 1040A 

When it comes to taxes, most people want to keep it as easy as possible. To make it even easier for you, we’ve made a quick blog post on the differences between forms

What is a 1040-EZ?

The 1040-EZ form is the easiest of the three tax return forms (1040, 1040A, 1040-EZ) is a simple 2-page form that you can fill out. However, keep in mind you will not be able to itemize deductions and must meet various criteria such as having taxable income under $100,000 and both you and your spouse (if you file jointly) are under 65 on January 1st for that tax year. 

What is a 1040A?

As your life becomes more complex (e.g., the addition of kids) so does your tax situation. However the form 1040A is a gradual step-up (in terms of complications) from the 1040EZ, and a step below the traditional 1040.

What is Traditional 1040?

If your taxable income exceeds $100,000/year and you plan to deduct certain items from your Adjusted Gross Income (AGI) then you’ll want to file for a traditional 1040.

Summary of 1040-EZ vs. 1040 vs. 1040A

The IRS requires individuals to fill out the form 1040 if their taxable income exceeds $100,000, and they want to itemize deductions. This form has the advantage of customization, but is more complicated. The 1040-EZ is the shortest tax return form, and is good for those whose tax situation is simpler. As your finances become more complicated (multiple sources of income, larger overall income, etc.) you will likely switch to the form 1040. 

Learn by reading our post "What is the difference between a 1040 and a 1040a and 1040-EZ"

 Contact a Local CPA in El Paso, TX

If you have any tax-related questions, please feel free to reach out to our firm in El Paso.

Marcus, Fairall, Bristol + Co., PLLC
230 Thunderbird Dr Ste G, El Paso, TX 79912
Phone: (915) 775-1040
Email: info@marcfair.com




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