Taxes for Teens
USING THE IRS “1040EZ” FORM
Do You Know…
A.
What form do most teens use to file their
federal taxes?
1.
1040A
2.
1040EZ
3.
2040A
4.
2040EZ
Do You Know…
B.
What form do you get from your employer
at the end of the tax year if you had federal
tax withheld from your paycheck?
1.
V-1
2.
V-2
3.
W-1
4.
W-2
Do You Know…
C.
Where can you most likely NOT get the
1040EZ form?
1.
Local Library
2.
Post Office
3.
School Library
4.
Online
In this lesson, you will learn
1.
Who can file the 1040EZ form,
2.
What a W-2 form is, and
3.
How to file the 1040EZ form.
1040EZ Form
 The
1040 EZ form offers quick
and easy tax filing to some
Americans.
 Click
on the link below to see
the 1040EZ form.
1040EZ FORM
Who should use the 1040 EZ?
 Your
filing status is single or married filing jointly.
 You do not claim any dependents.
 You do not claim any adjustments to income .
 You
had only wages, salaries, tips, taxable
scholarship or fellowship grants.
 your
taxable interest was not over $1,500.
 Your
taxable income is less than $100,000.
1040EZ is Simple to File
 The
one-page form has
four short sections:
Personal Information
2. Sources of Income
3. Payments, credits and tax
4. Calculating refunds and
amounts due
1.
Where do you get the 1040EZ
form?
 Local
Library.
 U.S. Post Offices
 Banks.
 Online
When is the filing deadline for
taxes?
 Usually
April 15 of the following year.
The W-2 Form
What is W-2 Form?
 Your
employer issues you a W-2
if you had federal tax withheld
from your paycheck.
 W-2
reports the total amount of
tax withheld.
 You
will receive one W-2 form
for each job you worked at
during the year.
Sample W-2 Form
Real World Business
Chicago, IL 60640
16,680.24
1,728.00
16,680.24
1034.16
16,680.24
241.92
D
Irma Money
2301 South Jackson
Chicago, IL 60640
2000.00
Samples and Practice
 Next
we will take a look at how to complete
the form.
 Then you will get to fill out your own.
Click the link to see a
completed Sample 1040EZ
Using the following, let’s practice
 1040EZ
A
instruction book
blank 1040EZ form.
 Sample
W-2
 Sample
completed 1040EZ
Now it is your turn to try!
 Print
your name, address and Social Security
Number.
 Using the sample W-2 form, complete the
Income section and calculate your taxable
income.
 Complete the payments and tax section
and then go to the booklet (sheet)
provided in the handouts to calculate your
tax.
Continued
 Find
out whether you will get a refund (Line
11a) or you owe money to IRS (Line 12).
 If you are getting a refund, you can have
your refund mailed to you or directly
deposited into your bank account.
 If you owe money, you have to write a check.
 Be sure to sign your return and add in
additional information as required.
 Good Luck!!
Do You Know…
A.
What form do most teens use to file their
federal taxes?
1.
1040A
2.
1040EZ
3.
2040A
4.
2040EZ
2
Do You Know…
B.
What form do you get from your employer
at the end of the tax year if you had federal
tax withheld from your paycheck?
1.
V-1
2.
V-2
3.
W-1
4.
W-2
4
Do You Know…
C.
Where can you most likely NOT get the
1040EZ form?
1.
Local Library
2.
Post Office
3.
School Library
4.
Online
3
Resources
 1040EZ
Forms
 1040EZ
Instructions
 Video
Instructions on Filing 1040EZ
 Sample
 More
W2 Form
forms from the IRS