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How to Prepare 1040EZ Taxes Online

1.

Verify that you qualify to submit your taxes with a 1040EZ. First, you must be single or married filing jointly. You must claim one exemption if single and two if married. There must be no dependents. Your income must be less than $50,000; earned interest income must be less than $1,500. Itemized deductions are not allowed. The entirety of your income must be from salary, tips, unemployment, taxable scholarships, interest, and qualified state tuition plan earnings. There can be no adjustments to your declared income. You can have no other taxes and no other credit (except earned income credit). If you meet all of these criteria, you can legally use the 1040EZ form.

2.

Select a website that completes and submits tax returns. Although there are numerous choices, the most well-known is TurboTax (http://turbotax.intuit.com). Other choices include: http:// www.my1040EZ.com, http://www.taxbrain.com, and http://www.easy-to-efile.com. Because this form is the simplest tax return, many sites will complete and submit the 1040EZ free of charge.

3.

Click "Start Now" on the TurboTax website (or the website of your choice). From here, you will need to create an account to save your information. This particular site (and most others) will guide you step-by-step through the process.

4.

Enter information as the site requests it. First you will enter your personal information, including any life changes that may affect your tax return.

5.

Gather and record your wage and income information. The site will request all of your job and income situations, as well as guide you through deductions and credits. All of the pertinent job information should be found on your W-2 form. If you had more than one employer during the tax year, you should have a W-2 from each employer.

6.

Enter any state tax information. TurboTax transfers all your information to the state system and walks you through the rest of the return. This may include entering county name, property tax information, medical insurance, untaxed out-of-state purchases, and state deductions and credits.

7.

Verify the accuracy of the return. TurboTax will review your data and check for any obvious errors, but you should look for mistakes as well. This section of tax preparation will complete the return. At this point you can print and file your return.

Tips and Warnings

  • Filing the 1040EZ online gives you the advantage of online support.
  • Refunds-the amount of money overpaid in taxes-arrive more quickly to those who file tax returns electronically.
  • Various tax preparation websites offer additional services for a fee. Depending on your level of confidence, you may wish to invest in the extra features to ensure your success.
  • If you file with the 1040EZ without meeting the criteria listed in step one, you may cost yourself refund money or be contacted by the IRS.


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