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How to fill out 2012 irs 1040 ez
How to fill out 2012 IRS 1040 EZ:
01
Gather all necessary documents: Before starting to fill out the 2012 IRS 1040 EZ form, make sure you have all the required information and documents handy. This includes your Social Security number, W-2 forms for income, any 1099 forms for additional income, and any deductions or credits you plan to claim.
02
Fill out personal information: Begin by providing your personal information on the form, such as your full name, address, and Social Security number. Ensure that all the information is accurate and up to date.
03
Enter filing status: Indicate your filing status for the tax year 2012. The options include single, married filing jointly, married filing separately, or qualifying widow(er) with dependent child. Choose the appropriate status based on your situation.
04
Report income: In this section, you will need to enter all the income you earned during the tax year 2012. This mainly includes wages, salaries, tips, and any other income reported on your W-2 and 1099 forms. Be sure to include all sources of income accurately.
05
Calculate deductions and exemptions: Determine if you are eligible for any deductions or exemptions. In 2012, the standard deduction for taxpayers filing as single was $5,950. If you do not have any itemized deductions, you can claim this amount. Additionally, you can claim a personal exemption of $3,800 for yourself, and if applicable, for your spouse and dependents.
06
Calculate tax liability: Use the provided tax tables or the IRS tax rate schedules for 2012 to calculate your tax liability based on your income and filing status. The tables and schedules can be found in the instructions accompanying the form.
07
Claim credits, if any: Determine if you are eligible for any tax credits, such as the Earned Income Tax Credit (EITC) or the Child Tax Credit. Follow the instructions provided to correctly claim any applicable credits.
08
Calculate total tax: Subtract any credits from your tax liability to arrive at your total tax for the year.
09
Determine tax payments and refund: Compare the total tax calculated with the total payments you made throughout the year, including any federal income tax withheld from your paychecks. If the total payments are more than the total tax, you may be entitled to a refund. If the total payments are less, you may owe additional taxes.
10
Sign and file the form: Sign and date the 2012 IRS 1040 EZ form to certify that the information provided is correct. Make a copy for your records and file the original with the IRS either electronically or via mail, according to the instructions on the form.
Who needs the 2012 IRS 1040 EZ:
The 2012 IRS 1040 EZ form is designed for individuals who meet specific criteria. To be eligible to use this form, you must:
01
Have a filing status of single or married filing jointly.
02
Have taxable income less than $100,000.
03
Have only income from wages, salaries, tips, taxable scholarships or fellowship grants, and unemployment compensation.
04
Not claim any dependents.
05
Not claim any adjustments to income other than the earned income credit.
06
Not itemize deductions.
If you meet all of these criteria, you can use the 2012 IRS 1040 EZ form to simplify your tax filing process. However, if you do not meet one or more of these criteria, you will need to use a different tax form, such as the 2012 IRS 1040A or 1040.
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What is irs 1040 ez form?
IRS 1040 EZ form is a simplified version of the IRS 1040 form, designed for individuals with straightforward tax situations.
Who is required to file irs 1040 ez form?
Individuals who have a simple tax situation and meet specific criteria, such as having only certain types of income and deductions, can use the IRS 1040 EZ form.
How to fill out irs 1040 ez form?
To fill out IRS 1040 EZ form, you will need to provide information about your income, deductions, and tax credits. Follow the instructions provided on the form carefully.
What is the purpose of irs 1040 ez form?
The purpose of IRS 1040 EZ form is to simplify the tax filing process for individuals with uncomplicated tax situations.
What information must be reported on irs 1040 ez form?
On IRS 1040 EZ form, you must report information about your income, deductions, credits, and any taxes paid throughout the year.
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