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?
