Can’t itemize deductions (like mortgage interest and medical expenses).Plus, if you have a business or rental properties, you can’t use this form. Also, while using this form expands the number of credits you can take, it still limits your options when it comes to tax deductions. More people can use the 1040A than the EZ, but it still has limitations.
#Forms to go with 1040a full
You can find the full list of requirements here. There are several more rules – but these cover the big ticket items that keep people from using the EZ. Can’t earn more than $1,500 in taxable interest.Can’t earn more than $100,000 in taxable income.Can’t claim any adjustments to your income (like IRA contributions or moving expenses).Must file as single or married filing jointly.Basically, if you have a very simple income and tax situation, this is the form for you. Not everyone can use the very brief, single-page 1040EZ form – and not everyone should. Still not sure which form you want to use? Here’s everything you need to know to make your choice. But it’s your best chance of shrinking your tax bill down to the very minimum. Yes, it’s more work, and there are more lines to fill out.
To take advantage of every possible tax credit and deduction, use the full-blown Form 1040.
For slightly more flexibility and just a little more effort, you could file a 1040A… as long as you don’t have business or rental income, and don’t want to itemize deductions. If you have a very simple tax situation – single, no kids, a W-2 job, a little interest income, for example – it could make sense for you to use the EZ form. It’s tempting to use the (almost always) free and super easy tax form choices – 1040EZ and 1040A – but using them could make your tax bill higher than it needs to be.