Does anyone know what this means: "You have Schedule 2, Tax, and that's just one of the reasons the IRS requires you to file Form 1040"?

ja2 — Tue, 04 Jun 2019 19:12:10 GMT

Schedule 2 is a new form this year. One thing that is re...

JulieCo — Tue, 04 Jun 2019 19:12:13 GMT

Schedule 2 is a new form this year. One thing that is reported on it is the excess advance premium credit repayment (form 8962). If you have an excess advance premium credit amount that needs to be repaid, you are required to file a tax return (1040 form) even if your income is under the minimum requirements for filing.

The 1040 form was completely revised for 2018. The 1040A and 1040EZ forms have been eliminated. The 1040 form is now a shorter form and much of the additional information that would be reported on it has been moved to six different schedules (Schedules 1 to 6). Schedule 2 is where AMT or the excess advance premium credit repayment amounts are reported. Here is a sample of the form: Schedule 2

What are the IRS tax form changes? As part of Tax Reform,...

Critter — Tue, 04 Jun 2019 19:12:14 GMT

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 offerings?

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.

topic Does anyone know what this means: "You have Schedule 2, Tax, and that's just one of the reasons the IRS requires you to file Form 1040"? in Business & farm

Does anyone know what this means: "You have Schedule 2, Tax, and that's just one of the reasons the IRS requires you to file Form 1040"?

Schedule 2 is a new form this year. One thing that is re...

What are the IRS tax form changes? As part of Tax Reform,...