Has anyone seen the new 1040 form?
Last edited Tue Jan 29, 2019, 12:48 PM - Edit history (1)
The long one, I suppose. Don't know if there is a 1040A.
It is a size of a post card. A bit confusing. The various adjustments - which we do not use now - are on a separate schedule - 1 - and good luck finding it on the irs.gov page. It allows for both alimony paid and alimony received. Not relevant for us but I think that it is for many taxpayers. Does Trump pay alimony for his exes?
At least the rest of the schedules are the same.
On edit: We do need Schedule 1. It has taxable refunds that we did get from the state. A little more than $100.. Also Capital gain..
What is puzzling, but am not going to worry about it, are the several lines "Reserved." To what?
Still
BigmanPigman
(52,312 posts)related stuff, now they change it again? It takes twice as long to file as it used to due to the tax credits and I can't afford to hire anyone.
question everything
(48,907 posts)If much of it used to be on the 1040 form then you will need some adjustments. So start working on this, even if you don't have all the paperwork. Just use the same numbers as from previous years but figure out where to plug them
Good luck!
still_one
(96,657 posts)limits on some of those deductions they used to be able to take, which means a good number will end up taking the standard deduction, adding the personal exemption elimination, those wonderful tax gain for a good number who itemized deductions in 2017 may be in for a big surprise, and I don't mean a good surprise
underpants
(186,865 posts)still_one
(96,657 posts)Plus interest on equity line of credit gone, unless used to improve the property, not for college for your kid, along with eliminating the personal exemption for everyone, the state called tax break is not what people anticipate, and those who live in high tax states, not surprisingly blue one will in many cases find they will pay more tax if they used to itemize deductions
As an added bonus casualty deduction have new restrictions also
Much of this is smoke and mirrors
question everything
(48,907 posts)thus for a married seniors filing jointly the standard deductions is $26,600.
Our itemized have always been around this number mostly because of long term premiums - close to $10,000 - even with the adjusted gross income limitation.
And then we would have the exemptions of $8,000..
Response to question everything (Original post)
still_one This message was self-deleted by its author.
2naSalit
(92,948 posts)what that tax code change was all about.
TexasProgresive
(12,307 posts)I was pulling my hair out because I couldn't figure out where to put the minimal income from royalties and farm income. Really sweet make the 1040 super simple but you may have to use schedules 1 to 6 to make up for the simplicity.
progree
(11,463 posts)Please see my #10 about One Form Many Schedules. MAGA!
progree
(11,463 posts)the 2nd page, That screwed me up for the longest time. I thought the 1st page of 1040 -- a half page -- was it -- because it ended with all the signatures - the preparer's signature, the taxpayers signature, and all that. But finally, after beating my head on the wall or any other solid object I could beat my head against, I finally scrolled down, and down, and down, and at last, page 2 of 1040 appears! So it is a (mighty big) 2-sided "post card".
For convenience, links to Form 1040 and the 6 spanking new schedules all together:
Schedule 1, Additional Income and Adjustments to Income
https://www.irs.gov/pub/irs-pdf/f1040s1.pdf
Schedule 2, Tax
https://www.irs.gov/pub/irs-pdf/f1040s2.pdf
Schedule 3, Nonrefundable Credits
https://www.irs.gov/pub/irs-pdf/f1040s3.pdf
Schedule 4, Other Taxes
https://www.irs.gov/pub/irs-pdf/f1040s4.pdf
Schedule 5, Other Payments and Refundable Credits
https://www.irs.gov/pub/irs-pdf/f1040s5.pdf
Schedule 6, Foreign Address and Third Party Designee
https://www.irs.gov/pub/irs-pdf/f1040s6.pdf
Form 1040: https://www.irs.gov/pub/irs-pdf/f1040.pdf
Remember to scroll and scroll down to page 2.
Sheesh. Just give me the old damn Form 1040 back.
To someone who asked about 1040A - that's gone. It's been replace by the "post card size" 1040 and whatever auxiliary schedules (Schedule 1 thru Schedule 6) you need. MAGA!
And the old schedules, like Schedule A, B, C, D, E blah blah and all those Forms like Form 4835 and 8606 (in my case), two among many many, yep, those are still around and needed by many.
TexasProgresive
(12,307 posts)question everything
(48,907 posts)to calculate the taxable amount. And it is dependent on the lines from 1040 - other sources of income. So after failing to fall asleep last night - but refusing to get up to look - I checked to see that the lines on this worksheet were changed to accommodate the new 1040.
Oh, and it is Page 33 on the 1040 instructions booklet..
PoindexterOglethorpe
(26,730 posts)so that in future years something might be placed there.
Similarly, the thick books of government rules and regulations, back when everything was in paper form, would often have pages that read: This page intentionally left blank. That was because in the past that page would have had something on it, now because of changes it doesn't.
I know this from years of updating the Rules Tariff at the airport when I was an airline employee.