Calculate Your 2015 Tax Refund Or What You May Owe
If you earn less than $100,000 per year, you don’t claim for any dependents and you are either single or claiming as a married couple, you may be able to use the 1040EZ form to file your taxes. This form is the easiest and simplest taxation filing form and will allow you to see how much tax you owe (or are owed) for any single year. Our 1040EZ tax refund calculator will help you to work out how much tax you may be able to have refunded – or how much you may owe for the taxation year.
Who can use the 1040EZ form?
This form is shortest and most simple tax form you will need to fill in – but it is very limited when it comes to who can use it. You need to be on a relatively low income of less than $100,000 and have no children or other dependants. This places you in the category of having a basic tax situation. It is also most likely to be the first tax form anyone fills out – as it applies to those just starting out in the workforce and with simple taxation affairs (ie no income from property or overseas income).
How easy is it to fill in the 1040EZ?
Filing in the 1040EZ form is relatively simple compared to the more complicated 1040 and 1040A. All you need to provide is your personal information including your address, name and social security number and details about your income. You can use this form if you are filing as a single person or if you are married and completing a joint tax return. When comparing the 1040EZ with the standard 1040 form, you will note that it has just 14 lines of information required compared to 79 lines with the standard or 1040A form.
What conditions should I meet to be allowed to use this form?
The income sources you can use with this form are wages, tips, salaries, taxable interest up to $1500, unemployment compensation and some forms of fund dividends. If you have any other sources of income you will need to use one of the other forms. There are a number of deductions and exemptions that can then be claimed to work out what your overall taxable income is. You will pay tax only on this amount. Our calculator will help you to work out how much this will be.
If you have already made tax payments via your employer or made tax payments on your own behalf, these will be taken off the total amount that you need to pay. You may also be eligible for taxation credits – but this form allows you to claim only for work pay tax credit and the earned income credit. If you have any other form of tax credit you will, once again have to use the other form. If you have overpaid your tax credits, you will be entitled to a tax refund, if you have underpaid, you owe tax and will need to pay it when you submit your form.
Why use the 1040EZ calculator
Our 1040EZ calculator allows you to see how much tax you may owe before you take the time to fill in the form officially. You can complete our calculator at any time of the year to gain a clearer picture of how your tax savings are going and if you will have paid enough tax by the end of the financial year. Equally, the calculator will help you to ensure you are not overpaying your taxes – this will mean lost interest on savings.
How to use the 2015 tax refund calculator
The 1040EZ tax form calculator is also very simple to fill in and only requires the most basic of information. This includes your marital status, whether you have any dependants, what your wages, salary or tips were for the year, any interest you have gained that is taxable, any compensation you have received and finally if there has been any Federal tax already withheld. There is also a section to add any earned income credit.
This info then generates the standard deduction for the coming year, any exemptions you may be entitled to and leaves the taxable income. It is from this figure that the taxes are estimated.
The second part of the calculator gives you a handy breakdown of the information given in the top section. This allows you to check that you have given the correct details and is perfect for printing off or saving to compare with other years.
Completing the 1040EZ tax refund form may be easy and perfect for anyone who meets the right criteria, but it is even easier to fill in our calculator and get an accurate picture of your taxation situation – allowing you to plan ahead and save for that inevitable tax bill when it arrives.