1. Taxes for Teens
Using the IRS “1040EZ” Form

2. Do You Know… What form do most teens use to file their federal taxes?
1040EZ
2040A
2040EZ

3. Do You Know…
What form do you get from your employer at the end of the tax year if you had federal tax withheld from your paycheck?
V-1
V-2
W-1
W-2

4. Do You Know… Where can you most likely NOT get the 1040EZ form?
Local Library
Post Office
School Library
Online

5. In this lesson, you will learn
Who can file the 1040EZ form,
What a W-2 form is, and
How to file the 1040EZ form.

6. 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

7. 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.

8. 1040EZ is Simple to File The one-page form has four short sections:
Personal Information
Sources of Income
Payments, credits and tax
Calculating refunds and amounts due
Personal Information: name, address and Social Security number
Sources of Income: wages, salaries, tips, taxable interest of $1,500 or less
Payments, credits and tax: tax payments if you have already made through employer withholding or making estimated tax payments.
Calculating refunds and amounts due: If you have overpaid, you are entitled to a refund. If you have underpaid, you need to include a payment for the remaining balance with your tax return.

9. Where do you get the 1040EZ form?
Local Library.
U.S. Post Offices
Banks.
Online

10. When is the filing deadline for taxes?
Usually April 15 of the following year.

11. The W-2 Form

12. 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.
Summary of tax deductions from pay stub.
Notice that salary was $20,000, but taxable income (box 1) is much less because of pre-tax deductions!
One for each job in year. Must be mailed to employees by January 31. Used to file tax return that must be filed by April 15.

13. Sample W-2 Form
16,680.24
1,728.00
16,680.24
Real World Business
Chicago, IL 60640
16,680.24
241.92 D
Irma Money
2301 South Jackson
Chicago, IL 60640
Summary of tax deductions from pay stub.
Notice that salary was $20,000, but taxable income (box 1) is much less because of pre-tax deductions!
One for each job in year. Must be mailed to employees by January 31. Used to file tax return that must be filed by April 15.

14. 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

15. Using the following, let’s practice
1040EZ instruction book
A blank 1040EZ form.
Sample W-2
Sample completed 1040EZ

16. 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.

17. 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!!

18. Do You Know…
What form do most teens use to file their federal taxes?
1040A
1040EZ
2040A
2040EZ 2

19. Do You Know…
What form do you get from your employer at the end of the tax year if you had federal tax withheld from your paycheck?
V-1
V-2
W-1
W-2 4

20. 3 Do You Know… Where can you most likely NOT get the 1040EZ form?
Local Library
Post Office
School Library
Online 3

21. Resources 1040EZ Forms 1040EZ Instructions
Video Instructions on Filing 1040EZ
Sample W2 Form
More forms from the IRS