taxes for teens using the irs “1040ez” form. do you know… a. what form do most teens use to...

Taxes for TeensUSING THE IRS “1040EZ” FORM

Do You Know…

A. What form do most teens use to file their federal taxes?

1. 1040A

2. 1040EZ

3. 2040A

4. 2040EZ

Do You Know…

B. What form do you get from your employer at the end of the tax year if you had federal tax withheld from your paycheck?

1. V-1

2. V-2

3. W-1

4. W-2

Do You Know…

C. Where can you most likely NOT get the 1040EZ form?

1. Local Library

2. Post Office

3. School Library

4. Online

In this lesson, you will learn

1. Who can file the 1040EZ form,

2. What a W-2 form is, and

3. How to file the 1040EZ form.

1040EZ Form

The 1040 EZ form offers quick and easy tax filing to some Americans.

Click on the link below to see the 1040EZ form.

1040EZ FORM

Who should use the 1040 EZ?

Your filing status is single or married filing jointly.

You do not claim any dependents. You do not claim any adjustments to income . You had only wages, salaries, tips, taxable

scholarship or fellowship grants. your taxable interest was not over $1,500. Your taxable income is less than $100,000.

1040EZ is Simple to File

The one-page form has four short sections:

1. Personal Information2. Sources of Income3. Payments, credits and tax4. Calculating refunds and

amounts due

Where do you get the 1040EZ form?

Local Library.U.S. Post OfficesBanks.Online

When is the filing deadline for taxes?

Usually April 15 of the following year.

The W-2 Form

What is W-2 Form?What is W-2 Form?

Your employer issues you a W-2 if you had federal tax withheld from your paycheck.

W-2 reports the total amount of tax withheld.

You will receive one W-2 form for each job you worked at during the year.

Sample W-2 FormSample W-2 Form

Real World Business

Chicago, IL 60640

Irma Money

2301 South Jackson

Chicago, IL 60640

16,680.24

16,680.24 1034.16

1,728.00

241.9216,680.24

2000.00

D

Next we will take a look at how to complete the form.

Then you will get to fill out your own.

Click the link to see a completed Sample 1040EZ

Samples and Practice

Using the following, let’s practice

1040EZ instruction bookA blank 1040EZ form.Sample W-2Sample completed 1040EZ

Now it is your turn to try!

Print your name, address and Social Security Number.

Using the sample W-2 form, complete the Income section and calculate your taxable income.

Complete the payments and tax section and then go to the booklet (sheet) provided in the handouts to calculate your tax.

ContinuedFind out whether you will get a refund (Line

11a) or you owe money to IRS (Line 12). If you are getting a refund, you can have

your refund mailed to you or directly deposited into your bank account.

If you owe money, you have to write a check.Be sure to sign your return and add in

additional information as required.Good Luck!!

Do You Know…

A. What form do most teens use to file their federal taxes?

1. 1040A

2. 1040EZ

3. 2040A

4. 2040EZ

2

Do You Know…

B. What form do you get from your employer at the end of the tax year if you had federal tax withheld from your paycheck?

1. V-1

2. V-2

3. W-1

4. W-2

4

Do You Know…

C. Where can you most likely NOT get the 1040EZ form?

1. Local Library

2. Post Office

3. School Library

4. Online

3

Resources

1040EZ Forms1040EZ InstructionsVideo Instructions on Filing 1040EZSample W2 FormMore forms from the IRS