Irs 1040ez Form questions
Q.I'm not sure if I qualify to use the Irs 1040EZ form or not. One of the questions is "Did you (or your spouse, if married) receive income from any of the following sources?" I own a few shares of stock but I didn't make hardly anything in dividends, and I didn't sell any shares. Do I still qualify to use the EZ form? If so, how much do I have to make in dividends to not use the EZ form?
A.The Form 1040EZ does not have a line on it to report dividend income. You must use a Form 1040A for that purpose. Any amount of dividends is taxable and needs to be reported on your return. Can't use a 1040EZ. You have to use 1040A or 1040. You're thinking [assuming you are capable of thinking] that you need to use Schedule 1 or Schedule B to individually list dividends when they total over $400. But ALL dividends have to be reported, and they can't go on 1040EZ. Do you not yet realize that the best use of a computer is matching data from databases, and that ANY amount that disagrees with what the form says is going to be questioned? Those same forms have already been sent to the IRS.
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