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In Dec 2017, the Revenue enhancement Cuts and Jobs Act was passed in the United States. This law made significant changes to the US tax construction. 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? Nosotros've got you covered. We'll tell you all y'all demand to know about your IRS Federal Tax Forms 1040 filing. Read on to get ready before revenue enhancement season creeps on y'all.
What Is an IRS 1040 Form?
The IRS 1040 is the course used past US taxpayers to file their almanac income return. This grade inverse due to the new constabulary passed past 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 authorities agency expressed that the IRS 1040 course may be different from their published typhoon. According to them, these changes will simplify and streamline your taxation return filing.
Does the New 1040 Form Take the Same Schedules?
While the new IRS Federal Taxation Forms 1040 Form simplifies your filing, y'all may have to file more schedules than before. The new form establishes vi 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 than of the following:
- Schedule 1 for additional sources of income that aren't W-2 or adjustments to your income
- Schedule ii for other forms of taxes like a child'south unearned income
- Schedule 3 for nonrefundable tax credits
- Schedule 4 to add taxes like self-employment, Medicare taxes, among others
- Schedule five to add taxation payments like the amounts paid with an extension or estimated taxation payments
- Schedule six to designate someone to discuss your tax render with the IRS in your proper name
Practice You Need to File a 1040-EZ or 1040-A in 2019?
Last yr, you had the pick to file the complicated IRS 1040, 1040-EZ or 1040-A. For the revenue enhancement twelvemonth 2018, yous volition only accept to file the new IRS 1040 Grade. This grade eliminated Form 1040-EZ and 1040-A. Instead of filing the short or uncomplicated form, yous will file the new 1040 and the applicable schedules. The new filing method will assist you lot not forget deductions, claims or schedules you lot must file. The IRS aimed to make your tax filing more than understandable than before. Keep in mind that the form may change from at present to your tax filing. It'southward recommended that you consult a tax professional for advice about your tax return filing and applicative schedules.
Can Yous Merits the Aforementioned Exemptions and Deductions in the New IRS 1040 Form?
The Taxation Cuts and Jobs Deed eliminated some of the deductions and exemptions that you could claim last yr. So while your tax filing may be simpler, you may non exist eligible for every bit many claims equally before. Hither 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
Go on in mind that these exemptions and deductions may vary when the IRS releases the final version of the 1040 Course for your 2018 tax twelvemonth filing.
How Will You lot File Your IRS 1040 Form for Tax Year 2018?
The new 1040 IRS grade will modify your filing to make information technology simpler. You may call back that you have to file differently from how you've washed earlier. Yet, you will have the aforementioned filing methods available as last year. Yous may file your form using a tax preparation software, past mail or e-filing. If you want to mail your class, you should download printable IRS forms 1040 from the IRS website.
You lot should file your 1040 Class by April 15, 2019. Keep in heed that your time of filing may vary depending on your place of residence. If you're filing while you serve in the U.s. Armed Forces in a gainsay zone or contingency performance, you may exist eligible to file at a subsequently date. Also, if yous live in the state of Maine or Massachusetts, yous have until April 17, 2019, to file due to the Patriot's Mean solar day holiday. If y'all don't file by your filing engagement, you may take 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. Information technology may take you some time to become used to the new form. If y'all utilise a taxation return preparation software to file, you may not find any changes because the platform uses your answers to fill the course. It'southward recommended that you pay attention to any new changes to the 1040 class and review the IRS forms 1040 instructions earlier 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