1040EZ vs 1040A - this year it matters

[IronWing]

I usually file 1040EZ because I have so few itemized deductions that the standard deduction is a better deal for me. Every year I run the numbers both ways just to make sure. This year is different. The Make Work Pay credit and (for property owners) the property tax standard deduction modifiler are reason enough to fill out the 1040A. So even if you usually go the EZ route, you might want to check out the 1040A short form this year.


Edit: Oops! It turns out the Make Work Pay credit is on the 1040EZ form! My bad. For the property tax increased standard deduction thing you'll have to fill out the 1040 or 1040A.

 

[spidey07]

If you don't run it both ways you're an idiot. But thanks for the tip, the ONLY reason why anybody would do a 1040EZ is if they already did a 1040. That's YOUR money. Get it back. I just made a mad dash to charity yesterday to donate thousands in stuff that would otherwise be tossed.

 

[TuxDave]

I've been forced on the 1040 for a while now thanks to the need to deduct state income tax and claim capital gains.

 

[spidey07]

I've been forced on the 1040 for a while now thanks to the need to deduct state income tax and claim capital gains.

Need? That's YOUR money. Get it back. And regarding capital gains, how DARE your make money you evil rich person!

IronWing - sorry for the sarcasm. Your PSA should be noted and recognized. For folks that just blindly do an EZ they most certainly should see what a 1040 could do for them as the standard deduction isn't that much.

 

[DannyLove]

ok ..... Thanks ....

 

[mugs]

That's YOUR money. Get it back.

That's YOUR money. Get it back.

Just so we're clear - whose money is it, and what should I do about it?

 

[spidey07]

Just so we're clear - whose money is it, and what should I do about it?

It is yours. And you should get it back. Or just not give it to them in the first place and claim 9 allowances on your W-4.

Sorry for the hijack - IronWing's suggestion and discovery is very sound and we should pay attention to it.

 

[jlee]

I've always done a 1040EZ...maybe I should do some looking this year.

 

[IronWing]

My reason for posting about this is that the Make Work Pay credit applies even if you take the standard deduction so it might benefit lots of folks who don't usually have to think too much about this stuff.

 

[Eli]

For someone that makes like 25k a year at a manufacturing job, could there be any advantage to doing the regular 1040? lol

Pretty sure I usually do the 1040EZ. Though, I didn't in 2008 since I was an independent contractor.

 

[jlee]

My reason for posting about this is that the Make Work Pay credit applies even if you take the standard deduction so it might benefit lots of folks who don't usually have to think too much about this stuff.

I'm not familiar with that..I'll have to look it up. The only thing extra I was going to do this year was look into the educational credit, because if I understand it right I'm getting an extra $2500 back.

 

[IronWing]

Oops! It turns out the Make Work Pay credit is on the 1040EZ form! My bad.