Business, Legal & Accounting Glossary
Broadly, there are three individual tax return forms: the 1040, the 1040A, and the 1040EZ. The appropriate individual tax return form depends on an individual’s circumstances. The 1040 individual tax return form is the longest, allowing for itemized deductions, income from the sale of property, and income over $100,000, but it is also the most complicated. The 1040A individual tax return form allows for capital gains distributions but a minimal number of adjustments. The 1040EZ is the simplest and shortest individual tax return form and allows for interest income less than $1,500 but disallows deductions for dependents as well as most other adjustments.
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This glossary post was last updated: 9th February, 2020 | 0 Views.