What are the IRS tax form changes?
As part of Tax Reform, the three different 1040 forms (1040EZ,
1040A and 1040) have been replaced with a new Form 1040, and six new schedules,
Schedule 1-6..
Page 1 of the new 1040 has general information about you, your
spouse, your dependents and filing status, as well as signatures and the bottom
of the page. The second page is a summary of all schedules and forms and each
section of the 1040 is now in a new schedule. For instance, if you have student
loan interest, it’s not at the bottom of the first page anymore, it’s on Schedule
1.
TurboTax is up-to-date with the latest changes and we’ll help
guide you through your taxes.
What happened to
the 1040A and 1040EZ?
As part of Tax Reform, the three different 1040 forms (1040EZ,
1040A and 1040) have been replaced with a new Form 1040.
This new form has been streamlined to be used by the simplest of
filers, but people with complicated tax returns will also use this form. The
more complicated the situation, the more forms and schedules are added to the
overall tax return.
Related Information:
· What are the IRS tax form changes?
What are the new
schedules?
As part of Tax Reform, there’s a new Form 1040 and many of the
sections that were on the old 1040 are now on six new schedules, Schedule 1-6.
Below is a summary of each new schedule.
Schedule 1—Additional Income
and Adjustments to Income
Here are some examples of what’s included on this schedule:
· Taxable
Refunds
· Business
Income
· Student Loan
Interest
Sch 1 : https://www.irs.gov/pub/irs-pdf/f1040s1.pdf
Schedule 2—Tax
Here you’ll find the Alternative
Minimum Tax (AMT) and the Repayment of Advance Premium Tax Credit.
Sch 2 : https://www.irs.gov/pub/irs-pdf/f1040s2.pdf
Schedule 3—Nonrefundable
Credits
Some examples of nonrefundable credits are:
·
Foreign Tax Credit,
·
Dependent Care Benefits
·
The nonrefundable part of education credits
Sch 3 : https://www.irs.gov/pub/irs-pdf/f1040s3.pdf
Schedule 4—Other Taxes
Here are some examples of what’s included on this schedule:
·
Self-employment tax
·
Additional tax on retirement plans
·
Individual responsibility payment for not having
healthcare
Sch 4 : https://www.irs.gov/pub/irs-pdf/f1040s4.pdf
Schedule 5—Other Payments
and Refundable Credits
Here are some examples of what’s included on this schedule:
· Estimated tax
payments
· Net premium
tax credit
· Excess Social
Security tax that you paid
Sch 5 : https://www.irs.gov/pub/irs-pdf/f1040s5.pdf
Schedule 6—Foreign Address
and Third Party Designee
This schedule is only used if you have a foreign address or you
have designated someone else to talk to the IRS about your tax return on your behalf.
Sch 6 : https://www.irs.gov/pub/irs-pdf/f1040s6.pdf
Related Information:
· What are
the IRS tax form changes?
How is TurboTax
handling the change to a simpler tax form (1040)?
As you may have heard, the IRS will be simplifying the 1040 in
an effort to help make filing your taxes easier and more understandable. The
new 1040 will be in place for tax year 2018 (the taxes you file in 2019).
TurboTax will work with the IRS to incorporate the changes to
the 1040 forms into our lineup of products and will be ready for next year.
TurboTax will continue to be an intuitive experience that makes taxes easier
and more understandable so people can take charge of their finances.
For more info, see the frequently
asked questions below.
How will forms changes
impact Intuit’s business? Will more people do their taxes on their own?
Intuit encourages and supports changes that empower taxpayers by
making taxes easier and more understandable so taxpayers can take charge of
their finances. We see this as another step in that direction.
With simpler taxes we believe more filers could have the
confidence to move to a do-it-yourself solution like TurboTax. And if taxpayers
have questions or prefer to have more guidance when filing their taxes, they
can even speak with a CPA or EA for live tax advice when using our TurboTax
Live product or Expert Services bundle. These products include the option for a
one-on-one review of the customer’s return right on the screen. In addition,
all TurboTax products come with our 100% Accurate Calculation Guarantee.
How will the taxpayer
experience change in TurboTax with the new 1040 forms?
We’ll work with the IRS to ensure all forms in our products are
up to date. TurboTax will continue to deliver an intuitive experience that
makes taxes easier and more understandable so people can take charge of their
finances.
Will TurboTax be changing
its product line-up or will the new 1040 forms fit in with the current
off...
Each year we review our product line-up and make any adjustments
to best deliver for our customers. We traditionally make related announcements
closer to the start of tax season.
Do I still need to use
TurboTax with the new 1040 changes?
Even with the changes to the 1040 form, TurboTax will continue
to guide you step-by-step to help get your taxes done right, even if you have
no previous tax knowledge. And with TurboTax Live, your tax return can be
reviewed by an experienced CPA or EA. Your return is also backed by our 100% Accurate Calculation Guarantee.
