Question

Which 1040 form should each of the following individuals use?

a. a high school student with an after-school job and interest earnings of $480 from savings accounts.
b. a college student who, because of ownership of property, is able to itemize deductions rather than take the standard deduction.
c. a young, entery-level, worker with no dependents and income only from salary.

Answer 1

Step-by-step explanation:

a. The high school student with an after-school job and interest earnings of $480 from savings accounts should use Form 1040EZ or Form 1040A. These simplified forms are generally suitable for individuals with straightforward tax situations and relatively low income.

b. The college student who can itemize deductions due to ownership of property should use Form 1040. Form 1040 allows for itemizing deductions and provides more flexibility for reporting various types of income and deductions.

c. The young entry-level worker with no dependents and income only from salary can use either Form 1040EZ, Form 1040A, or Form 1040. However, since they have no dependents or complex tax situations, they can likely use the simplified Form 1040EZ or Form 1040A if they meet the eligibility requirements.