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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4229
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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Iam unemployed but a licensed marriage counsel is 1040 ez and

Resolved Question:

Iam unemployed but a licensed marriage counsel is 1040 ez and state 540 2ez the right froms??? I never heatd of 540 2ez who uses it. I want to make sure i have proof of filing is a copy of thesr forms proof. And are thses the correct forms especially 540 2ez? ?

Jd
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

NPVAdvisor :

hi, I can help you with this

NPVAdvisor :

For Federal, yes it sounds like 1040EZ would be fine ...

NPVAdvisor :

From IRS:

NPVAdvisor :

Form 1040EZ is the simplest form to fill out. You may use Form 1040EZ if you meet all the following conditions:



  1. Your filing status is single or married filing jointly

  2. You claim no dependents

  3. You, and your spouse if filing a joint return, were under age 65 on January 1, 2013, and not blind at the end of 2012

  4. You have only wages, salaries, tips, taxable scholarship and fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500

  5. Your taxable income is less than $100,000

  6. Your earned tips, if any, are included in boxes 5 and 7 of your Form W-2

  7. You do not owe any household employment taxes on wages you paid to a household employee

  8. You are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005

  9. You do not claim any adjustments to income, such as a deduction for IRA contributions, a student loan interest deduction, an educator expenses deduction, or a tuition and fees deduction

  10. You do not claim any credits other than the earned income credit


If you file Form 1040EZ, you cannot itemize deductions or claim any adjustments to income or tax credits (other than the earned income credit).

NPVAdvisor :

For California,an individual must file a PIT return if either their gross income or their


adjusted gross income (AGI) is more than a specified amount based on their filing status.


For example, a single individual, under the age of 65 years, with no dependents and who


cannot be claimed by another person, must file a PIT return if the filer’s gross income is


at least $14,138, or AGI is at least $11,310.



The 540 2EZ Form Is the Shortest of the Tax Forms Available to Taxpayers. Several


forms are available to resident filers including the 540 form, the 540A form, and the


540 2EZ form.

Customer: Whats difference in 540 2ez and the other two 540year forms??
NPVAdvisor :

Just a sec. let me pull it up..

NPVAdvisor :

Here's eligibility for 5402EZ

NPVAdvisor :

Residency California resident the entire year
Filing Status Single, head of household (HOH), married filing jointly, or widowed
Annual Income Amount:
Up to $100,000 if single or HOH
Up to $200,000 if married filing jointly or widowed
Acceptable Sources of Income:
Wages, salaries, and tips
Taxable interest, dividends, and pensions
Unemployment compensation
Social security benefits
Capital gains (from mutual funds only)
Other Restrictions
No adjustments to income
No itemized deductions

NPVAdvisor :

All resident taxpayers may file the 540 form, while only resident taxpayers that meet cer-
tain criteria may file either the 540A or 540 2EZ forms. Some of the eligibility requirements
for the 540 2EZ form are described in more detail in Figure 1. The 540A and 540 2EZ forms
were designed to be used by taxpayers with less complex PIT situations and are therefore
shorter and relatively easier for taxpayers to complete. The 540A form and the 540 2EZ
form account for 4 percent and 13 percent of total PIT filings, respectively.
The 540 form is the longest and most complex of the resident forms with 68 questions
for the taxpayer to answer. The 540A form, by comparison, leaves out 13 of the questions
on the 540 form—asking only 55 questions. The 540 2EZ form is the shortest of the three
resident forms, asking only 30 questions of taxpayers. With decreasing form length, there
are an increasing number of restrictions on its use. The 540 2EZ form is the most restric-
tive of the resident forms in that it allows no adjustments to income (such as alimony
payments and moving costs). By contrast, the least restrictive resident form, the 540 form,
may be used to report all standard PIT transactions.

NPVAdvisor :

Figure 1 is the first attachment, above

NPVAdvisor :

540 2EZ most restrictive

Customer: Unemployment does not mean i recieved unemployment payments i did not. Counselors dont.
NPVAdvisor :

I see ... other income for the year?

NPVAdvisor :

Probably stating the obvioius here, but ANYONE can do 540

NPVAdvisor :

540 2 EZ is the other end of the spectrum

NPVAdvisor :

If you meet the criteria above (the lis, above) then i would do 540 2EZ ... simpler, less room for error

Customer: No other income for year. Personal loan for friends no incomr
Customer: No income
NPVAdvisor :

Unless there was withholding you want to get back or some refundable tax credit like American Opportunity, then you're under the threshold to need to file at all

NPVAdvisor :

standard deduction is 5950 and personal exemption is 3800, so unless you had that much income, you're under the thresshold

NPVAdvisor :

sorry threshhold

NPVAdvisor :

make sense?

NPVAdvisor :

you don't have to file, if there' no income to report

NPVAdvisor :

Still don't see you coming into the chat ... I'll switch to Q&A now, ... aybe that will help

NPVAdvisor :

We can still continue the dialogue there, just not in real-time as we can here

NPVAdvisor :

If this HAS given you enough information, I would appreciate either an “accept” or a feedback rating of 3 (OK) or better. That's the only way they will pay us here. But again, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question

NPVAdvisor :

Thanks

NPVAdvisor :

Lane

Expert:  Lane replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 1 year ago.

Hi JD, I just switched to Q&A because I never saw you come back into the chat.

Let me know of that was everything.

Lane
Customer: replied 1 year ago.
Problem with talk site sorry. I must file to meet requirements for obama cate medical starts apply in pct rewuires tax forms for application. Yes i need to do taxes
Expert:  Lane replied 1 year ago.

ahhh understand, was just pointing things out from the tax perspective.

You're absolutely right ... starts with 2012 taxes.

SO, yes the 1040EZ and the simplest CA form 5402EZ, will both work for you.


Let me know if I can helps further,
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4229
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 2 other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Thank you i will use the 1040day and 540 2ez.
Customer: replied 1 year ago.
Do i have to take my forms to a tax agency for obama care or can i do them myself and keep a copy for oct enrollment????
Expert:  Lane replied 1 year ago.

Quite honestly, I don't think that's been established yet.

However, the forms themselves wouldn't prove that your filings were filed and accepted by the taxing authority.

I would file them (electronically) and then keep both electronic (pdf file) and print them out as well.

I'm sure that having the filed return (you can actually request copies from them if need be) marked as accepted by the taxing authority (IRS and CA franchise tax board) is what will matter.

Lane

Customer: replied 1 year ago.
Where would i file them electronically? On line with who? ???? Can i give exaples of where i would file them electronically?????????
Expert:  Lane replied 1 year ago.

Sorry just finished Sat AM meetings with clients:

Yes, you can do the CA filing here: https://www.ftb.ca.gov/individuals/efile/allsoftware.shtml

And the federal filing here: http://www.irs.gov/Filing

Lane

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Lane
Lane
Tax Professional
4229 Satisfied Customers
Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986