1040EZ form is the name of the document that most teenagers use to report their taxes on after finding their first part-time job. This handy IRS tax document is very short and simple to fill out, only requiring the teen to fill in normal identification-style of information and simple information for their earnings over the year. Most young-adults can handle filling in this type of income tax form without extensive help from parents.
A great way to help your teen to understand how to fill-in the 1040EZ form is by allowing them to sign-up for an online tax preparation site account. The online tax software will walk your teen through all aspects of income tax paperwork necessities that are associated with the 1040EZ form, and it comes with more information than what is actually needed to prepare these forms so that the teen is learning about taxes as they go.
Online tax preparation sites are the up-and-coming method of filing taxes that all Americans will be using someday according to chat-boards related to this topic online today. Due to the large amount of scams and frauds related to income tax crimes, the IRS recommends online tax preparation as the necessary method of tax preparation for those who do not want their personal information shared with other human beings. 1040EZ form preparation online never allows another person to come in contact with information.
The biggest question that your teen will have about filling in their 1040EZ form online will be devoted to what date the refund money will arrive. When taxpayers use allowable e-file methods to file their online tax paperwork with the IRS, the IRS will send a notification regarding the exact date that the refund money will be deposited into the teen’s bank account. Normal refunds happen in about 10-days after filing with e-file.
When filling an IRS 1040EZ form through the e-file system, a bank account number will be needed by the IRS for the purpose of the computer using electronic methods to transfer refund money into an account. It is safe to put bank account numbers onto this form because the information on 1040EZ form filings is encrypted as they are sent into the IRS computers. Nobody can read this information except select IRS personnel.
If the teen has made over $100,000 taxable dollars during the previous tax year, the 1040EZ form is not the right form to use. Like adults, a person making over $100,000 will have to choose between form 1040A and 1040 to file the information that is not allowed onto the IRS 1040EZ form. This 1040EZ form is only used by people who have a very simple income tax situation to relate.