Updated: Monday, 18 Mar 2013, 12:21 PM EDT
Published : Monday, 18 Mar 2013, 12:21 PM EDT
Choosing the right tax form for you.
That's next on Tax Break.
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Every taxpayer has to decide which is the best tax form to use. If you use tax preparation software, it will make the proper selection for you.
The super-short Form 1040EZ is for taxpayers earning less than $100,000, who don't claim any dependents, and have less than $1,500 in interest income.
If you don't meet those criteria, the short Form 1040A may be for you. Your income still must be less than $100,000, but you can have capital gain distributions, and you can claim certain tax credits, income adjustments for IRA contributions or student loan interest.
You'll need the traditional long Form 1040 if your income is $100,000 or more, you itemize deductions, have self-employment income, or you have income from sale of a property.
IRS Publication 17 will help you decide on the form that's best for you.