Tax especially in MA

[Apollywog]

Okay this is my first time filing taxes in the US.

my annual income is over $50,000 but last year it was prorated and was less than $50,000... so do I use the 1040 form or the 1040 A form? And does everyone has to use the 1040EZ form?

and since I'm in Massachusetts, I need to file Form 1 too right?

so three forms in total?

thanks!

[Last Train to Skaville]

You might want to explore the different forms or even check out H & R Block. There may be a lot you can write off as moving expense.

[Apollywog]

oooh moving expense... completely forgot about that!

Thanks Skaville!

[Michel de Nostradamus]

Also, did you know about free e-filing?

http://www.actuarialoutpost.com/actu...9&postcount=19

Also, in that same thread, "Donating Clothes", you may be able to deduct some things you got rid off before and after your move.

[Moe Szyslak]

Originally Posted by Apollywog

my annual income is over $50,000 but last year it was prorated and was less than $50,000... so do I use the 1040 form or the 1040 A form? And does everyone has to use the 1040EZ form?

and since I'm in Massachusetts, I need to file Form 1 too right?

The different 1040 forms, as far as I know, vary only in length. If all you do is earn a salary, you can use the EZ. The 1040 A adds a few schedules I believe for some interest items. The 1040 (no modifiers) is the full for where you can deduct anything that is deductible and handle capital gains/losses, etc.

As far as the state, they should have a separate return, I am not sure if the state of residence ever adds anything to a federal return.

[2M]

Like they said, it depends on your level of deductions. If you do not have enough deductions to exceed the standard deduction(not sure what the amount is) & you do not own your own home then use 1040 EZ and your taxes are done in 5 minutes.

Otherwise if your deductions are more complicated and especially if you are not familiar with the tax laws maybe consulting H&R block is a good ides.

[Moe Szyslak]

Originally Posted by 2M

Like they said, it depends on your level of deductions. If you do not have enough deductions to exceed the standard deduction(not sure what the amount is) & you do not own your own home then use 1040 EZ and your taxes are done in 5 minutes.

Otherwise if your deductions are more complicated and especially if you are not familiar with the tax laws maybe consulting H&R block is a good ides.

Standard deduction is just under 5K/single 10K/married.

Don't go to H&R block. If you're a young actuary, you should be able to do the taxes on your own. Unless you have a ton of medical expenses or own a house and pay mortgage or gave a ton to charity, you most likely won't need Schedule A (itemized deduction) as your standard deduction will be bigger. If you were a full time student for a portion of the year, you can use the Hope Credit or other education credit. This knocks down your TAX, not your income, and it makes a massive difference and can add $1000 to your refund.

I think you should use a 1040 form just to give exposure to the big picture. You will need Massachusetts form also for state taxes.

[IAm@Work.com]

From the IRS

The three forms used for filing individual federal income tax returns are Form 1040EZ (PDF), Form 1040A (PDF), and Form 1040 (PDF).

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

Your filing status is single or married filing jointly,
You claim no dependents,
You, and your spouse if filing a joint return, were under 65 on January 1, 2005 and not blind at the end of 2004,
You have only wages, salaries, tips, taxable scholarship and fellowship grants, unemployment compensation, qualified state tuition program earnings, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500,
Your taxable income is less than $100,000,
You did not receive any advance earned income credit payments,
You do not owe any household employment taxes on wages you paid to a household employee,
You do not claim a student loan interest deduction, an educator expense deduction, or a tuition and fees deduction, and
You do not claim an education credit, retirement savings contributions credit, or a health coverage tax 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.)

If you cannot use Form 1040EZ, you may be able to use Form 1040A if:

Your income is only from wages, salaries, tips, taxable scholarships and fellowships, interest, ordinary dividends, capital gain distributions, pensions, annuities, IRAs, unemployment compensation, and taxable social security or railroad retirement benefits, qualified state tuition earnings and Alaska Permanent Fund dividends,
Your taxable income is less than $100,000,
You do not itemize deductions, and
Your only adjustments to income are the IRA deduction, the student loan interest deduction, the clean-fuel vehicle deduction and the tuition and fees deduction.

If you file Form 1040A, the only credits you can claim are the credit for child and dependent care expenses, the earned income credit, the adoption credit, the credit for the elderly or the disabled, education credits, the child tax credit, the additional child tax credit, and retirement savings contribution credit.

Finally, you must use Form 1040 under certain circumstances, such as:

Your taxable income is $100,000 or more,
You have certain types of income such as unreported tips, certain nontaxable distributions, self–employment earnings, or income received as a partner, a shareholder in a "s" corp., or a beneficiary of an estate or trust.
You itemize deductions or claim certain tax credits or adjustments to income, or
You owe household employment taxes.

[Katie.]

Try using taxact.com through the IRS's website. Pretty much everyone qualifies for a free federal e-filing, and it steps you through the whole process.