Which Tax Form Should I Use?
When filing an individual tax return in the United States, you must use one of the 1040 forms. You may also be required to file additional schedules to report details of such things as itemized deductions.
1040EZ
If your status is Single or Married Filing Jointly and have no dependents, you may be eligible to file using the 1040EZ if your taxable income is less than $50,000 for the tax year and you do not earn more than $400 in earned interest. You may not itemize deductions when using the 1040EZ form. Additionally, neither you or your spouse may be a senior citizen (65 or older). You may not be blind to use this form. Other limitations may apply, so consult IRS regulations for definitive answers regarding who may file using the 1040EZ form.
1040A
If you do not itemize deductions and your taxable income is less than $50,000 per year, you may qualify to use the 1040a form.
1040
The 1040 form is the least restrictive tax form as far as who may use it. Regardless of the status that you file under (single, married filing jointly, etc.), income, or other factors, anyone may use the 1040 form. If you earn more than $50,000 per year in taxable income, the 1040 is the only form that you can use to file your taxes.
One of the most important distinctions with the 1040 form is that it is the only form with which you may itemize deductions. If you have, for example, a home that you pay interest on, itemizing may result in significant savings to you over not itemizing and using the standard deduction.
Schedule A
This schedule allows you to itemize deductions.
Schedule B — Taxable Income/Dividends
If you have earned interest or dividends over $400, you use this form to report it where required.
Schedule C or Schedule C-EZ
Profit and loss from business are reported with these forms.
Schedule D
Capital gains and losses on investments and real estate are reported with this form.
Schedule E — Supplemental Income and Losses
Income and losses from rental properties, partnerships, royalties, estates,S-corp's, residual interests, and trusts are reported with this form.
Schedule EIC — Earned Income Tax Credit
If you are claiming eligibility for the Earned Income Tax Credit, you must use this form. Consult IRS guidelines for who may claim the EIC tax credit.
Schedule F
Income and expenses from farming are reported with this form.
Other Forms
Many other forms and schedules exist for less common situations. The specifics of when to use these forms typically requires additional training or research into IRS regulations and are beyond the scope of this page.
