What tax form do I use if I am not itemizing? (2024)

What tax form do I use if I am not itemizing?

Form 1040-EZ: Income Tax Return for Single and Joint Filers With No Dependents. Form 1040-EZ was the shortest of the 1040 forms and the easiest to complete. It was meant for individuals who only took the standard deduction and didn't itemize.

Should I use 1040 or 1040EZ?

The simplest IRS form is the Form 1040EZ. The 1040A covers several additional items not addressed by the EZ. And finally, the IRS Form 1040 should be used when itemizing deductions and reporting more complex investments and other income.

What replaced 1040EZ?

Form 1040EZ was a shortened version of Form 1040 for taxpayers with basic tax situations. The form was discontinued as of the 2018 tax year and replaced with the redesigned Form 1040.

What tax return form do I use to itemize deductions?

Use Schedule A (Form 1040) to figure your itemized deductions. In most cases, your federal income tax will be less if you take the larger of your itemized deductions or your standard deduction.

What is the standard deduction if you don't itemize?

2023 vs. 2024 Standard Deduction
Filing StatusStandard Deduction 2023Standard Deduction 2024
Single$13,850$14,600
Married, Filing jointly$27,700$29,200
Married, Filing separately$13,850$14,600
Head of Household$20,800$21,900

Why use 1040 for seniors?

The main advantage of using Form 1040-SR is that it has larger type, which can make it easier to read if you're doing your taxes by hand. It also emphasizes some senior-specific tax benefits, although these are also included in Form 1040.

Did the IRS do away with the 1040EZ?

Forms 1040A and 1040EZ are no longer available. Taxpayers who used one of these forms in the past will now file Form 1040.

Is there still a 1040EZ form for 2023?

President Trump's 2017 tax plan eliminated the 1040EZ. When you file your 2024 taxes in 2025 or 2023 taxes in 2024, you will use the new redesigned 1040.

What is the simplest tax form?

The 1040EZ is a simplified form used by the IRS for income taxpayers that do not require the complexity of the full 1040 tax form.

Is 1040EZ the hardest tax form to complete?

To begin with, each has a different level of complexity. The standard 1040 form is the most complex of the three, while the 1040EZ is the simplest (hence its nickname of “simple income tax return”), and the 1040A is somewhere in the middle.

Is it worth itemizing deductions?

You should itemize deductions on Schedule A (Form 1040), Itemized Deductions if the total amount of your allowable itemized deductions is greater than your standard deduction or if you must itemize deductions because you can't use the standard deduction.

What itemized deductions are allowed in 2023?

If you itemize, you can deduct a part of your medical and dental expenses, and amounts you paid for certain taxes, interest, contributions, and other expenses. You can also deduct certain casualty and theft losses.

Are health insurance premiums tax deductible?

Is health insurance tax-deductible? Health insurance premiums are deductible on federal taxes, in some cases, as these monthly payments are classified as medical expenses. Generally, if you pay for medical insurance on your own, you can deduct the amount from your taxes.

Why can I no longer itemize deductions?

The Tax Cut and Jobs Act eliminated the personal exemption for tax years 2018 through 2025. So, as an example, if you're a single filer with $10,000 worth of deductions, itemizing on your 2022 taxes won't save you anything because the personal exemption is no longer available and the standard deduction is higher.

At what age is Social Security no longer taxed?

Social Security can potentially be subject to tax regardless of your age. While you may have heard at some point that Social Security is no longer taxable after 70 or some other age, this isn't the case. In reality, Social Security is taxed at any age if your income exceeds a certain level.

What is the difference between itemizing and standard deductions in 2023?

The standard deduction is a blanket, guaranteed amount you can subtract from your AGI without having to prove anything to the IRS. Itemized deductions also reduce your taxable income — but in a different way. Itemized deductions are basically individual expenses allowed by the IRS that can decrease your taxable income.

What is the extra standard deduction for seniors over 65?

If you are 65 or older and blind, the extra standard deduction is: $3,700 if you are single or filing as head of household. $3,000 per qualifying individual if you are married, filing jointly or separately.

What is the best tax form for seniors?

Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. Form 1040-SR uses the same schedules and instructions as Form 1040 does.

Do seniors get a larger standard deduction?

If you're married and one or both spouses are age 65 or older, you also get a bigger standard deduction than taxpayers under age 65 do. If only one spouse is 65 or older, the extra amount for 2023 is $1,550 and $3,000 if both spouses are 65 or older.

Should I take the standard deduction or itemize?

Taking the standard deduction might be easier, but if your total itemized deductions are greater than the standard deduction available for your filing status, saving receipts and tallying those expenses can result in a lower tax bill.

How much of Social Security is taxable?

Income Taxes and Your Social Security Benefit (En español)

Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits. More than $34,000, up to 85% of your benefits may be taxable.

What is difference between 1040 and 1040A?

Form 1040 is the standard tax return form that most individual taxpayers use every year. The IRS no longer accepts Forms 1040EZ or Form 1040A as of tax year 2018. Form 1040EZ was meant for individuals who didn't take credits or deductions. Form 1040A limited the amount of deductions and credits taxpayers could claim.

Is TurboTax free for 1040EZ?

Satisfaction Guaranteed: You may use TurboTax Online without charge up to the point you decide to print or electronically file your tax return.

Can you use a 1040EZ if you have a 1099?

Your taxes will be more complicated if you are both a W2 employee and a 1099 independent contractor. You'll need to file IRS Form 1040, not the shorter Form 1040A or 1040EZ.

Do seniors have to file taxes 2023?

Basically, if you're 65 or older, you have to file a return for tax year 2023 (which is due in 2024) if your gross income is $15,700 or higher. If you're married filing jointly and both 65 or older, that amount is $30,700. If you're married filing jointly and only one of you is 65 or older, that amount is $29,200.

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