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
More
info on Schedule 1
Schedule
2—Tax
Here you’ll find the Alternative
Minimum Tax (AMT) and the Repayment of Advance Premium Tax Credit.
More
info on Schedule 2
Schedule
3—Nonrefundable Credits
Some examples of
nonrefundable credits are:
·
Foreign Tax Credit,
·
Dependent Care Benefits
·
The nonrefundable part of
education credits
More
info on Schedule 3
Schedule
4—Other Taxes
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
More
info on Schedule 4
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
More
info on Schedule 5
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.
More
info on Schedule 6
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.
2018 1040 (“simplified” LOL) : https://www.irs.gov/pub/irs-pdf/f1040.pdf
Sch 1 : https://www.irs.gov/pub/irs-pdf/f1040s1.pdf
Sch 2 : https://www.irs.gov/pub/irs-pdf/f1040s2.pdf
Sch 3 : https://www.irs.gov/pub/irs-pdf/f1040s3.pdf
Sch 4 : https://www.irs.gov/pub/irs-pdf/f1040s4.pdf
Sch 5 : https://www.irs.gov/pub/irs-pdf/f1040s5.pdf
Sch 6 : https://www.irs.gov/pub/irs-pdf/f1040s6.pdf
