What Is The Difference Between 1040 And 1040a

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 irs 1040 form to report individual income tax.

Although it s longer than form 1040ez form 1040a is shorter than the 1040 tax form and it allows you to claim certain adjustments not available using form 1040ez. Form 1040 ez is not surprisingly the easiest to fill out. 1040ez single or married filing joint under age 65 no dependents. And finally the irs form 1040 should be used when itemizing deductions and reporting more complex investments and other income.

Here are a few general guidelines on which form to use. The only real difference between the forms is in the amount of information reported. 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.

While anyone can file form 1040. You cannot itemize your deductions and you can only claim child or elderly tax care credits. The 1040a covers several additional items not addressed by the ez. 1040 a is longer and a bit more complex and form 1040 is the most detailed and challenging of the lot.

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You cannot have income from events such as exercising a stock option or gains from a business you completely or partially own. Summary of 1040 ez vs. The irs has a list of items which if reported on your return require using either the form 1040a or form 1040 instead of form 1040ez. The key differences between irs 1040 1040a and 1040ez are as follows.

The 1040 ez is the shortest tax return form and is good for those whose tax situation is simpler.