IRS Announces They Are Working on a New 1040 Tax Form: Intuit TurboTax Has Got You Covered

Tax Reform

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 for updates on 1040 tax form changes.

Comments (13) Leave your comment

  1. Deduct property taxes?. Did they change the new tax code? Last I read property taxes for most people were not deductible as well as state income tax and that had people scrambling at the end of 2017 to pay 2018 property taxes in advance which the IRS later ruled you could not do except in very limited instances. Could you explain why there seems to be a disconnect. It would be nice if people would caviot things that only affect small groups of people.

    Thanks
    John

    1. Hi John,
      The new tax reform law that was signed into law on December 22, 2017 placed limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000. In the past, these taxes have generally been fully tax deductible, but now the aggregate can only be $10,000 total. People were scrambling to pay 2018 property taxes in 2017 since they may not get the full tax deduction for 2018 property taxes since the new law impacts your 2018 taxes(the ones files in 2019)
      Thank you,
      Lisa Greene-Lewis

  2. Would like to understand the 2018 Itemized deductions versus the $24,000 Standard Deduction, and the disapearence of the Personal Deduction.

    1. Hi David,
      As a result of the new tax reform law being passed the end of last year, the standard deduction increased to $12,000 if you file single and to $24,000 married filing jointly. Typically people who are homeowners can itemize their tax deductions since you can deduct expenses like home mortgage interest, property taxes and charitable contributions. If your itemized deductions are under $12,000 single or $24,000 married filing jointly then you would take the standard deduction. If they are more then you would itemize. If you are right at $12,000 or $24,000 in deductions there are things you can do to maximize your deductions like donate more so you can itemize your tax deductions. TurboTax will ask you simple questions about your deductions and figure out whether you can take the standard deduction or itemize. Regarding the personal and dependent exemption those have been eliminated. You can read more about the changes to the law here https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-passed-heres-what-it-means-to-you-32864/
      If you have questions at tax-time you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered.
      Thank you,
      Lisa Greene-Lewis

  3. Give us a product to estimate and budget for our tax payments, especially in years like this one. SALT limited to $10K? Bad news that’s 6 months old from a blogger, but I can’t find any substantiation, including the IRS! You guys need to step up and make yourselves more relevant. I’ll pay for it.

    1. Hi Jim,
      You can use TurboTax TaxCaster to estimate your taxes and see how the new tax law will impact your 2018 taxes. The TurboTax TaxCaster app will also give you a side-by-side comparison of your 2017 and 2018 taxes and show you what changed. Here is the link:
      https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
      Regarding the SALT limitation, here is the article we published the day the law passed:
      https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-passed-heres-what-it-means-to-you-32864/
      Thank you,
      Lisa Greene-Lewis

  4. Phone keyboard always fights me. The comment actually was I thought charitable deductions are to be included. Is this not so?

    1. Hi Mandi,
      You can still deduct charitable contributions if you can itemize your deductions under the new law. TurboTax will ask you simple questions about your deductions and figure out if you can itemize or take the standard deduction. If you have questions at tax-time, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered.
      Thank you,
      Lisa Greene-Lewis

  5. When will a prototype Form 1040 be available. I would like to plug in my 2017 numbers to see what the tax effect would be. Thanks,
    Joel Cohn

  6. I have been a long time user of Turbo Tax. I do have a degree in finance and worked as a controller, General manager, Director of Marketing etc. with the 2 largest Hotel chains in the U.S. I am looking forward to sharing my thoughts and getting alternative feedback as well.

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