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Video instructions and help with filling out and completing 1040 ez forms

Hello and welcome to the updated version of filing the 1040ez today I'm going to show you how to fill out the easiest IRS tax form hence its name the 1040 EZ now there are some people who pay other people to fill out this form for them you should not be one of those people you can do this all on your own I'm going to show you how all right let's get started the first thing you need to think about is do you need to file your taxes at all now my guess is you've already thought about that and that's why you're watching this video but just in case if you're under 65 you're single and you made at least ten thousand three hundred dollars then you do need to file your taxes now there are different rules if you're a dependent so if someone else can claim you as a dependent then you should turn this video off and go watch my other one about filing if you're a dependent it's also important to note that you may want to file your taxes even if you don't have to there are two very good reasons to do that one if you've paid in money for taxes over the course of the year then filing your taxes allows you to get that money back and two if you're a young person and you want to establish an individual retirement account or an IRA you can do that as soon as you can show earned income and filing your taxes allows you to do that once you decide that you're going to file your taxes you have to figure out if the 1040ez is the right form for you so here are some things to consider if you are single or married filing jointly then you can use this form you can't have any dependents though and you have to make less than a hundred thousand dollars in a year and 1500 of that could be an interest but certainly no more than that all of your tips have to be included on your w-2 form and really there can't be anything fancy for your taxes if you want to see the specific rules then you should look in the instructions but these are highpoints the other thing I want to remind you of are the important tax dates by January 31st you should have received all of your tax documents I usually wait like one extra week because it seems like we have something that trickles in at the last minute but once you have all of your forms then you're ready to fill out your taxes and that should be early February March first I put on here because I always want to remind especially students that you need to have your FAFSA form complete and turned in by March 1 even if you don't have all of your numbers for this year turn it in with the numbers from last year and then go back and fix them and then the last date is of course the day that your taxes are due which is April 15th to fill out the 1040 EZ tax form you're going to need your w-2 form some basic personal information including your social security number and then any interest income that you've made over the course of the year so make sure you have gathered these items before you're ready to fill out your form ok here is our practice problem...