Funny Tax Form 1040 Trump Obama
In December 2017, the Tax Cuts and Jobs Act was passed in the United States. This law made significant changes to the US tax structure. The new IRS Federal Tax Forms 1040 Form released by the IRS reflects these changes.
Don't know how your tax filing may change for the 2018 tax year? We've got you covered. We'll tell you all you need to know about your IRS Federal Tax Forms 1040 filing. Read on to get ready before tax season creeps on you.
The IRS 1040 is the form used by US taxpayers to file their annual income return. This form changed due to the new law passed by the government last year. The IRS released a temporary draft of the new IRS 1040 form to inform the public about how your 2018 tax year filing may change. Yet, the government agency expressed that the IRS 1040 form may be different from their published draft. According to them, these changes will simplify and streamline your tax return filing.
Does the New 1040 Form Have the Same Schedules?
While the new IRS Federal Tax Forms 1040 Form simplifies your filing, you may have to file more schedules than before. The new form establishes 6 new schedules. These schedules are labeled by numbers instead of letters. In addition to the 1040 Form, you may have to file one or more of the following:
- Schedule 1 for additional sources of income that aren't W-2 or adjustments to your income
- Schedule 2 for other forms of taxes like a child's unearned income
- Schedule 3 for nonrefundable tax credits
- Schedule 4 to add taxes like self-employment, Medicare taxes, among others
- Schedule 5 to add tax payments like the amounts paid with an extension or estimated tax payments
- Schedule 6 to designate someone to discuss your tax return with the IRS in your name
Do You Need to File a 1040-EZ or 1040-A in 2019?
Last year, you had the option to file the complicated IRS 1040, 1040-EZ or 1040-A. For the tax year 2018, you will only have to file the new IRS 1040 Form. This form eliminated Form 1040-EZ and 1040-A. Instead of filing the short or simple form, you will file the new 1040 and the applicable schedules. The new filing method will help you not forget deductions, claims or schedules you must file. The IRS aimed to make your tax filing more understandable than before. Keep in mind that the form may change from now to your tax filing. It's recommended that you consult a tax professional for advice about your tax return filing and applicable schedules.
Can You Claim the Same Exemptions and Deductions in the New IRS 1040 Form?
The Tax Cuts and Jobs Act eliminated some of the deductions and exemptions that you could claim last year. So while your tax filing may be simpler, you may not be eligible for as many claims as before. Here are some of the most notable deductions and exemptions that were eliminated for your 2018 tax year filing.
- Alimony Deduction
- Personal Exemption
- Moving Expenses Deduction
- Miscellaneous Deductions
Keep in mind that these exemptions and deductions may vary when the IRS releases the final version of the 1040 Form for your 2018 tax year filing.
How Will You File Your IRS 1040 Form for Tax Year 2018?
The new 1040 IRS form will change your filing to make it simpler. You may think that you have to file differently from how you've done before. Yet, you will have the same filing methods available as last year. You may file your form using a tax preparation software, by mail or e-filing. If you want to mail your form, you should download printable IRS forms 1040 from the IRS website.
You should file your 1040 Form by April 15, 2019. Keep in mind that your time of filing may vary depending on your place of residence. If you're filing while you serve in the US Armed Forces in a combat zone or contingency operation, you may be eligible to file at a later date. Also, if you live in the state of Maine or Massachusetts, you have until April 17, 2019, to file due to the Patriot's Day holiday. If you don't file by your filing date, you may have to pay penalties and fees.
At first, you may think the new IRS 1040 Form complicates your tax filing. But, it will simplify the process. It may take you some time to get used to the new form. If you use a tax return preparation software to file, you may not notice any changes because the platform uses your answers to fill the form. It's recommended that you pay attention to any new changes to the 1040 form and review the IRS forms 1040 instructions before filing your 2018 tax year return.
Source: https://www.askmoney.com/taxes/what-you-need-to-know-about-the-irs-1040-form?utm_content=params%3Ao%3D1465803%26ad%3DdirN%26qo%3DserpIndex
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