What is the IRS 1040A Form?
Sep 23, · Form A is used by U.S. taxpayers to file an annual income tax return. For Tax year and later, you will no longer use Form A, but instead use the Form or Form SR. Prior Revisions. Aug 01, · IRS Tax Form A is a simplified federal income tax form used to report an individual’s income and calculate their taxes. It is also known as “the short form” because it is a two-page form that is less complex than IRS Tax Form
In an effort to simplify the tax return filing process, the Internal Revenue Service IRS provides different forms for your Individual Income Tax return based on the complexity of your transactions during the tax years. Depending on types of income and deductions you will take on your tax return, most taxpayers have the option to use FormA, and EZ. There are certain criteria that the taxpayer must meet to be eligible to file a A or EZ. The Form A and EZ returns are designed for quick preparation and quick review by the IRS since less risk is involved with these returns.
The A is a simplified version for the Form but not as simplified as the EZ is. The IRS and other tax software providers allow preparing and e-filing this form for free. A simplified tax return not only helps the taxpayer, dhat it also helps the IRS accept, review, and issue a refund quicker.
Although you may qualify for the A, it may be more beneficial to file a Form for certain deductions and credits not available on Form A. The Form A is also limited to certain adjustments to income and credits.
If your itemized deductions would be greater than the standard deduction, you should be filing a Form In order to qualify to file for the Form A for your annual individual income tax year, all 5 criteria must be met:. If you had an alternative minimum tax adjustment on stock you acquired from an incentive stock option, you are not eligible to file a What is the 1040a form A. This allows what is the 1040a form to wbat the TurboTax software and e-file their returns for free.
This software allows you to capture photos of your W-2 for a quick input of your income. As whatt prepare your tax return on this software, you can see exactly how much how to create a package in oracle expected refund is.
Also, since this is online software, it can be accessed from multiple devices. The IRS. The printable ks can be completed and mailed to the IRS see the end of IRS instructions for mail address by state. E-filing your return will result in faster IRS acceptance and delivery of your refund. Check the what does plaza mean in spanish of your filing status: 1 single, 2 married filing jointly, 3 married filing separately, 4 head of household, 5 qualifying widow er with dependent child.
Line 7 of Form A starts with the income section of the tax return. In this section, you list out all the different types of income you may have. Each of the income items that qualify e. You must complete and add all the income line items to get to the total income. Any adjustments, such as educator expenses, student loan interest, IRA deduction, tuition, and fees, are completed in this section.
After determining your AGI, you will reduce it by the standard deduction and any exemptions for dependents you have claimed. Once you have your taxable income, you will need to use the Form A tax table from the instructions to determine your tax liability. Note: The Form A does not allow for itemized deductions. You can only claim the standard deduction. All payments of tax liability during the tax year should be entered in this section. This is typically from wage withholding from your employer and can whaat found on your W If your tax liability was less than all the tax payments and tax wuat, you are iw to a tax refund from the IRS.
You can choose to have your refund direct deposited into your checking us savings account by entering your routing number and account number.
Choosing direct deposit instead of paper check speeds up the refund process. If your tax liability was greater than all tax payments and credits, you will need to pay additional tax to the IRS. You can do this by check or electronically which is the preferred method. Once you have calculated your income, adjustments to income, and any exemptions, you will have your taxable income for the Form A.
You can use the instructions for Form A to find the tax table. Find your taxable income range and filing status on the table to determine how much tax you will owe for the year. The instructions for Form A can be found here. The Form can be filed by all taxpayers but has additional line items and schedules which are not required for most taxpayers. The Form A helps simplify the filing process. Most tax software allows you to prepare and file the Form A for free. Many taxpayers qualify to file for Form A.
By filing a Formyou can ensure you do not miss any deductions. As we start getting into tax seasonyou should determine if you can file a Form A for a quicker and free method of filing the individual income tax return. For the quickest refund, use one of the electronically filed methods discussed IRS. Tax Forms. Related Posts. Tags: a, formirsisTaxwhat.
Difference Between Tax Forms 1040, 1040A and 1040EZ
The IRS Form A is one of three forms you can use to file your federal income tax return. Form A is a shorter version of the more detailed Form , but is more complex than the simple EZ form. All taxpayers can use Form ; however, to use Form A you must satisfy a number of requirements, such as having taxable income of $, or less and claiming the standard deduction . Form A of the Internal Revenue Service (IRS) was a simplified version of Form used by U.S. taxpayers to file an annual income tax return. To have been eligible to use Form A, an. Aug 19, · The Form A is a hybrid between the Form and the Form EZ. The Form can be filed by all taxpayers but has additional line items and schedules which are not required for most taxpayers. The Form A helps simplify the filing process. Most tax software allows you to prepare and file the Form A for free.
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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Filling out a tax form is about as much fun as owing taxes to Uncle Sam. The complexity of the task intensifies as your tax life becomes more complicated. But choose carefully. There are three personal income tax forms — , A and EZ — with each designed to get the appropriate amount of your money to the IRS.
The EZ is the shortest and simplest form, Form A is a bit more complex and the long Form is the most detailed and potentially difficult. But even if your tax life is simple and straightforward, it might be worthwhile to investigate the other two forms. Generally, the longer the form, the more opportunities for tax breaks.
If you previously filed Form EZ, but bought health insurance through an Affordable Care Act state or federal exchange, known as the marketplace, you can no longer file this simplest form.
When individuals purchase a policy through an exchange, they have an option to receive advance payment of the premium tax credit.
This tax credit helps cover some of the insurance costs. The advance credit amount, however, must be accounted for when the policy recipient files his or her tax return.
If the advance premium amount was too small, the taxpayer will get the extra. However, if too large of an advance premium credit was paid, the taxpayer must make up the difference, either by paying any tax due or by having the amount taken from an expected refund. Such calculations are made on Form , which only can be filed with Form A or If you received advance payments of the premium tax credit, you must file one of these longer forms instead of the EZ.
Even if you did not get the premium credit in advance but got health care through an exchange and want to claim it when you file, you must complete A or Take the case of tax filer Joe P. A perfect EZ filer, right? Joe has a student loan. Joe also would get the chance to reduce his actual bill if he files the longer A.
The better tax news for Joe is that a credit allows you a dollar-for-dollar reduction of what you owe the IRS. But the only tax credit shown on the EZ is the earned income tax credit, available only to low-income taxpayers.
And there are even more tax-saving opportunities found on the long Form They might not apply to Joe, but they could cut your tax bill — if you take the time to look over each of the forms. Here are the basic guidelines for the three individual tax returns. And ever since the IRS doubled the earning limit on filers who use it, the EZ has been available to even more taxpayers.
The ease of the one-page EZ is appealing, but it limits the number of ways to save on your tax bill. You also need to look at those other two individual tax returns to take advantage of additional income adjustments and tax credits. Compare rates at Bankrate. The A form is the next step up the tax-form ladder.
As with Form EZ, the earning limit on filers wanting to use the A has increased, so more taxpayers should be able to use it. Individuals choosing the A can file using any of the five available filing status options: single, married filing jointly or separately, qualifying widow or widower, or head of household.
People who file the A also can claim, in addition to the EITC, several tax credits — the child, additional child, education, dependent care, elderly or disabled, and retirement savings credits — that are not available with the EZ. Form A also gives you the chance to claim several adjustments to income. These items are sometimes referred to as above-the-line deductions, because you claim them just before the bottom line of the form, the one where you enter your adjusted gross income.
By reducing your total gross income, your taxable income will be lower and your tax bill should be smaller, too. Adjustments allowed on Form A include educator expenses, certain IRA contributions, student loan interest, and some college tuition and fees. Finally, choose Form if your earnings are larger, you itemize deductions or you have more complex investments and other income to report.
This usually means added tax paperwork needs to be filed, too. Additional paperwork also is associated with the many tax credits that show up only on the long Form The extra work, however, is offset by the added savings these credits, such as the one for taxes you paid to a foreign country or the one that helps cover some adoption costs, can produce for filers. The longest tax return also offers more than a dozen above-the-line deductions that you can claim directly on the form itself versus the four adjustments found on the A.
The adjustments include, among other things, breaks for alimony payments you made, self-employment taxes you paid or moving expenses you incurred. You will, however, have to fill out an additional form or schedule to claim a couple of these breaks.
If your situation has changed — say, you now have enough deductions to make itemizing worthwhile — then file a different form. Compare CD rates today. How We Make Money. Share this page. Key Principles We value your trust. You can file the EZ return if: Your filing status is single or married filing jointly.
Your spouse also must meet the age requirements if you file a joint return. You or your spouse if filing jointly were not legally blind during the last tax year. You have no dependents. You have capital gain distributions, but no other capital gains or losses. You do not itemize deductions. You itemize deductions. You have self-employment income.
You received income from the sale of property. Related Links: 7 ways tax laws could change under the Donald Trump tax plan 10 key tax terms to know Do you have to file taxes?
The answer depends on your age, income and filing status Tax Forms. You may also like Standard tax deduction amounts for the year. The IRS offers ways to save on college.
Get a break now from the IRS for saving for retirement.