Tax Question

[GalvestonDuck]

I haven't sat down yet to figure it all out, but maybe someone here knows off the top of his or her head.

Is it true that filing a 1040 gets you more back in returns than of a 1040EZ?

My mom always had me take my stuff to H & R Block when I was younger, so I don't have a lot of experience doing my own forms. But for the past few years, I've used the 1040EZ. I don't have a bunch of itemized deductions, interest, or "other" income to report. I don't report my charitable contributions because I don't keep track of it enough to have a record of it. What was donated here at work and deducted from my salary (thus, the only documented proof) was less than $4000, so there's no point mentioning that. I have no kids, no spouse.

So, given the fact that I'll put the same basic information and figures on the 1040 that I put on the 1040EZ, would there be a difference? Just eyeing the forms and trying to make sense of the difference, I saw that the regular 1040 shows $7500 as the standard deduction for a single person whereas the 1040EZ shows $3500 as the standard deduction for a single person.

So, what gives?

Thanks in advance for all replies!

[j]

I'm doing this from memory..so it could be wrong.

Anyone can file using form 1040, but it is prudent to use 1040EZ, or 1040A, each with their own specific guidelines, if you fall into those guidelines.

The Tax Tables are different. Built into the EZ tax tables are tax relief since you will not be itemizing deductions. I do believe, it is calculated to come out the same or better for said individual who qualifies for 1040EZ, or 1040A, vs using 1040.

[GalvestonDuck]

Ah! Cool! Thanks, J!

I'll stick to the EZ then. I just plug in my basic numbers and out pops the refund amount (well, it's almost that easy!).

[blizzard]

I'm doing this from memory..so it could be wrong.

Anyone can file using form 1040, but it is prudent to use 1040EZ, or 1040A, each with their own specific guidelines, if you fall into those guidelines.

The Tax Tables are different. Built into the EZ tax tables are tax relief since you will not be itemizing deductions. I do believe, it is calculated to come out the same or better for said individual who qualifies for 1040EZ, or 1040A, vs using 1040.

Not necessarily true. J. You may file the EZ form or the 1040 or 1040A form and the results will come out the same unless you have enough items to allow you to itemize your deductions. Everyone has a standard deduction which is different depending on your filing status. But in some instances, it is wiser to itemize deductions. The following items can be itemized in your itemized deductions. Mortgage interest, including most home equity loan interest. Property tax, motor vehicle tax (limited), state and local income tax withheld from your earnings, medical expenses (must be above 7-1/2% or your AGI, charitable contributions, and some other items, too numerous to list here.

You may only use the EZ form if you qualify, such as having just basic tax filing items. If you would like more information, PM me. I will then give you my e-mail address. FYI, I am currently a private tax preparer, former H&R Block tax preparer.

Hope this helped out a little, tax laws are complicated and hard to explain in a small area. But in the end, if you meet the guidelines to file the EZ form, by all means do so, you can even telefile, which is even simpler. And remember, no matter which form you choose, your tax liability should be the same.

[GalvestonDuck]

Okay, wait...didn't you guys just basically tell me the same thing -- file an EZ?

Like I said, I have no itemized deductions. No state or local taxes in TX. No mortgage interest. I'm single. No one else can claim me. There's nothing for me to put on the 1040 that I can't also put on the 1040EZ.

My income and the federal tax withheld this year are the same...that's a given. It's on my W2. But the tax tables for the 1040 and the 1040EZ are different. And the standard deductions on each form are different. That's the part I don't get.

If everything I report is the same, why do they give us a different "standard" deduction and a different tax table for the different forms? I already did the 1040EZ (did it in about 4 minutes after I came home for lunch break after reading J's post). It hasn't gone out in the mail yet, so I might just pull up a 1040 on the net and give it a try to see if the refund figures out to a different amount. But it looks like I'm just going to end up putting a bunch of "-0-" in all the blanks.

[blizzard]

the 1040ez is combining the standard deduction and the personal exemption in one line. Where as the 1040 and 1040A separate these two deductions because normally there are dependants to include on those forms.

Youa re correct though, EZ is the form for you , that or telefile

Tax rates are the same no matter which form you use.

[GalvestonDuck]

the 1040ez is combining the standard deduction and the personal exemption in one line. Where as the 1040 and 1040A separate these two deductions because normally there are dependants to include on those forms.

Youa re correct though, EZ is the form for you , that or telefile

Tax rates are the same no matter which form you use.

Ah...okay, cool! I understand now.

I was told wrong about the tax rates. Thanks for the clarification.

[blizzard]

I was told wrong about the tax rates. Thanks for the clarification.

No problem, glad I could help

[j]

the 1040ez is combining the standard deduction and the personal exemption in one line.

Thanks for that clarification...I knew somebody on here would know the correct answer