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Taxpayers use IRS Form 1040a when they have common income situations that do not arise from owning any type of business. This form is two-pages long and devoted to taxpayers who qualify to use easy Form 1040ez, but want to take more deductions than allowed on that form. 1040a is a scaled-down version of the full-fledged Form 1040 that allows for all types of income tax situations to be explained.

Who qualifies for Form 1040a?

IRS tax Form 1040a is used by people who have income from wages, tips, unemployment claims, interest or dividends, pension annuities, IRA distributions, Social Security retirement benefits, railroad retirement funds, Alaska Permanent Fund, taxable grants, taxable scholarships, and capital gains allotments. Taxpayers with income or additional income that is not from these sources should check compatibility with: IRS Form 1040.

IRS tax Form 1040a is used by people with income from the above sources that would also like to claim a deduction for teacher classroom supplies, IRA contributions, student loan interest, and applicable college tuition or fees. Taxpayers who have income from stock options should check their compatibility with: IRS Form 1040.

IRS tax Form 1040a is used by people who earn 100,000.00 or less in taxable income and those who only wish to take the standard deductions.

IRS tax Form 1040a does allow tax credits to be taken. Taxpayers may use applicable child tax credits, additional child tax credits, Hope and Lifetime Learning or other educational credits, child or dependent care expense credits, retirement savings contribution credits, elderly or disabled credits, and the earned income tax credit on this form. Taxpayers that are claiming the popular environmentally-based credits for energy deductions in the home should check IRS Form 1040 for compatibility.

All taxpayers should check to see if they qualify for the Earned Income Tax Credit while filling out IRS Form 1040a. This tax credit is often worth quiet a bit of refundable money and it is known as one of the most missed tax credits available.