Tax Reform IRS Announces They Are Working on a New 1040 Tax Form: Intuit TurboTax Has Got You Covered Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Jun 29, 2018 - [Updated Sep 25, 2018] 2 min read Today the IRS announced they are working on changes to the 1040 tax forms. The IRS said that “this new approach will simplify the 1040 so that all 150 million taxpayers can use the same form. The new form consolidates the three versions of the 1040 into one simple form.” In addition to shortening Form 1040 to a postcard-sized return, the changes eliminate Forms 1040EZ and 1040A and increase the number of tax schedules supporting Form 1040 by six additional forms. The 1040 forms (1040, 1040A, 1040EZ) are the most common tax forms. The announcement today is the first major change to 1040 tax forms in decades. But don’t worry, TurboTax has you covered. Our teams are working with the IRS and Treasury and our products will be up to date for next tax season, so you can file with complete confidence. As you know, tax time is one time of the year many get a full snapshot of their financial picture. Taxpayers’ active participation in tax preparation is the backbone of the American tax system, giving them a better understanding of their true financial picture. Who will be able to file with the new Form 1040? If you have a straightforward tax situation and claim the standard deduction you will probably be able to file your taxes using the new Form 1040. If you have itemized deductions, your tax deductions will still be included on Schedule A. Itemized deductions include deductions for homeowners like home mortgage interest, property taxes, and interest paid on a home equity line of credit used to improve your home. Don’t worry about knowing the new tax laws and forms changes. TurboTax will make sure our products are up to date at tax time and that your tax filing process is as easy and understandable as possible. If you still have questions at tax time about how tax reform and forms changes impact you, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. Check back with the TurboTax Blog Tax Reform Hub and the TurboTax Tax Reform Center for updates on 1040 tax form changes. Previous Post Tax Reform 101: Will Getting Married Change My Tax Situation? Next Post Tax Reform 101: How the New Tax Reform Law Changed… Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. 841 responses to “IRS Announces They Are Working on a New 1040 Tax Form: Intuit TurboTax Has Got You Covered” « Older Comments In 2017 i made a piano recording (CD). till it got finished and put on the CDs and gotten back to me, it was Thanksgiving, 2018. i could only afford to get 100 of them and i have about 45 left over. i sold some and gave others away to bless people. how do i claim this? i’m confused especiailly since it cost me more for all the recording plus licenses than i made selling them. Reply Just did a test tax return to see what’s happening after Trump screwed us. For the first time in decades, I will have to pay taxes, $784 worth as a single individual. None of my charitable funds qualify. Reply Sounds good. I look forward to using it. Reply Can you file deductions on a 401k withdrawal that you paid federal and state taxes on the new 1040 form? Also, can you file for a deduction for an invention the same year? Reply When will you have a product that we can enter 2018 rough estimates to do tax planning? Reply « Older Comments Leave a ReplyCancel reply Browse Related Articles Tax Reform TurboTax IRS 1040 Form and Schedules Interactive Tool Self-Employed 1040 vs 1099 Forms: What’s the Difference? Tax Planning You May Be Eligible to File Your Simple Form 1040 for Free – 37% Qualify Tax Planning Amend Your Tax Return for Income Changes & Revisions Tax Planning Who Can File a Tax Form1040 EZ? Self-Employed Do I Need to File a 1040 If I’m Self-Employed? 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In 2017 i made a piano recording (CD). till it got finished and put on the CDs and gotten back to me, it was Thanksgiving, 2018. i could only afford to get 100 of them and i have about 45 left over. i sold some and gave others away to bless people. how do i claim this? i’m confused especiailly since it cost me more for all the recording plus licenses than i made selling them. Reply
Just did a test tax return to see what’s happening after Trump screwed us. For the first time in decades, I will have to pay taxes, $784 worth as a single individual. None of my charitable funds qualify. Reply
Can you file deductions on a 401k withdrawal that you paid federal and state taxes on the new 1040 form? Also, can you file for a deduction for an invention the same year? Reply