1040EZ Income Section Tips

Part of the Video Series How to Complete a 1040EZ Tax Form

Viewing videos requires the latest version of Adobe's Flash Player.
Get the latest Flash player.

Tax help! Filling out the income section of a 1040EZ tax form in this free video on tax help and personal finance.

Rating:
Views: 562
Comments: 0 (comment now)

Favorited: 0 | Add to Favorites

Tags: tax forms, taxes
Bookmark at:

All Videos in the Series, How to Complete a 1040EZ Tax Form

Member Comments

Video Transcript

1040EZ Income Section Tips
I'm going to talk now about the income section of the Form 1040EZ. This section has six line items. The first is number one, wages, salaries and tips. And generally this is going to be box number one on your W-2 form. Line two is taxable interest. If this total is over $1,500, you cannot file the form 1040EZ, and you'll get your taxable interest form 1099INT, or a form 1099OID. If you have unemployment compensation or money from the Alaska Permanent Fund Dividends, you show that on line three, and that would be if you get a form 1099G for unemployment compensation. And again, that's box one. Line four, you add lines one, two and three and this gives you your total adjusted gross income. Line five, if someone can claim you or your spouse, if a joint return, as a dependent, you need to check the applicable box below for you or your spouse, and then go to another worksheet that we'll talk about later. If no one can claim you, then you can enter $8,750 if you're filing single, or $17,500 if you're married filing jointly. Line six is where you subtract line five from line four, and this gives you your taxable income. If, for some reason, line five is higher than your line four income, you just put "zero" in.

About the Expert

Expert: Tom Noah has been a Certified Public Accountant (CPA) for over 27 years. Read More