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3 years ago

Why might you complete a 1040 instead of a 1040EZ?

Business

2 answers:

diamong [38]3 years ago

6 0

I believe the answer is: A) You own a home.

The 1040EZ is created to favour a more bare-bones return (for people who had no dependants i.e wife&kids and generally make under $ 100,000 a year). 1040 on the other hand, is a form that created to favour someone who typicall make more than $ 100,000 and own properties

love history [14]3 years ago

3 0

Option A is correct. You complete 1040 instead of a 1040EZ in case of own a home.

Further Explanation:

1040:

1040 is the form to be filled by that person who is paying federal income tax. But certain limitations have been put to use this form. The individual fills this form only in case of having a taxable income of greater than $100,000 and owns a property. The individual completes this form for taking the deduction and reducing the tax liability.

1040EZ:

If the individual fills the form of 1040, then he is not eligible to complete the Form 1040EZ. The individual, company, or institutions can opt only one form. The individual opts for the form according to his eligibility to fill that form. 1040EZ form can be chosen by those people who have income less than $100,000. The individual does not claim any deductions.

Justification for the correct and incorrect answer:

You own home: This option is correct.

The form 1040 is complete instead of 1040EZ form in case of own the property and home is considered as property.

You make less than $100,000: This option is incorrect.

Form 1040EZ is completed in the case of an individual have less than $100,000. So, this option is incorrect.

You do not claim any dependents: This option is correct.

Form 1040EZ is completed in case of individual does not claim any dependents. So, this option is incorrect.

None of the above: This option is incorrect.

Option A is correct, one of the Option is correct. So, this option cannot be true.

Learn more:

1. Learn more about tax for selling property

brainly.com/question/2617534

2. Learn more about state income tax

brainly.com/question/2996312

3. Learn more about personal taxation

brainly.com/question/1762937

Answer details:

Grade: Middle School

Subject: Taxation

Chapter: Tax Form

Keywords: complete 1040, instead of 1040 EZ, own a home, less than $100,000, and standard deductions, claim any dependents, reducing the tax liability.

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