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 Newer Comments » Does it include the deduction for your after-tax Health Savings Account? Reply Are there any changes to small business deductions and itemization, specifically for sole propriatership. Reply Will Turbo Tax have an updated 2018 tax year “estimator” before the end of this tax year AND if so by when? I want to estimate my taxes under the changes made by Congress and the IRS – IRC. Reply Did the new tax laws change capital gains on selling a house or anything associated to selling a house? Reply Will there still be a Turbotax Premier and Turbotax Business and are they affected by the new tax law. Reply How will Schedule C change? Reply how does the new tax law treat advisory fees from an investment advisor? Reply Are Medical Premiums and other medical costs deductible including some costs for living in a Continuing Care Retirement Community (CCR)? Reply Can I still deduct a portion of my advisor fee for my IRA account? Reply I sold my home and am wondering about deductions for capital gains. I am purchasing a home in Mexico as my primary residence. Is this deductible from my profit from the sale of my home in the US? Reply Will TurboTax provide a tool to calculate what my 2018 taxes will look like with the new tax law? Reply Does it change for stocks and dividends? How do we report capital gains? Reply My husband died in May this year, 2018. Do I file married/jointly or as a single this year Reply We have very high medical expenses, like premiums and doctor bills, are they going to be deductible under the new tax code? Reply How will health insurance costs be deducted for the self-employed? Reply Question to the TurboTax Experts, Are “Home Equity Loans” going to be deductibles (the Interest) on next year taxes? Reply Will there be a 1040 SR? If so can you still itemize using 1040 SR Reply I will have a net operating loss in 2018, the result of the sale of an investment property. I worked out the details using the regulations before the tax changes. Are there any changes I should be aware of, as I should not need any estimated payments as the loss will offset income. Thank you. Reply How about the deduction for using a private car for business. Virtually all home health staff from MD to CNA needs these deductions. And there are others too who need this deduction . Reply I have investment income, as well as business income and deductions. What forms will I need to use and how will Turbo Tax help? Reply So we are eliminating the use of 2 forms…1040EZ & 1040A but adding 6 more forms to accommodate the change? Sounds like progress to me! Reply Will there be any changes to lines 25 through 35 on Form 1040 for the tax year 2018? Reply Great email I like questions and responses!! Don H Reply Will you be able to take deductions for charitable contributions to Goodwill or other organizations that accept gently used goods? Reply In prior years there was a $25000 pension deduction allowance for social security, subject to other income earned. Has that allowance disappeared? Reply Will medical expenses still be deductible if itemizing? Reply Will we still be able to deduct investment management fees for the tax year 2018? Reply In previous years those over 65 and or blind received an extra deduction. Has this been eliminated? Reply I’ve been using turbo tax for a couple of years for my personal taxes, but I’ve recently started an llc while still maintaining my position at my payroll job. My question is which TurboTax should I switch to Reply I started a sole proprietorship solely owned by me this year. How do my husband and I file? We normally file jointly. Which turbotax version do i purchase? Reply Does the new law do away with the moving expense deduction? Reply What happens to folks who are self-employed and have been using Schedule E? Has that gone away? Where will we enter business income and expenses? Reply Good Morning Lisa, In regard to the new (and improved …) standard deduction, will there be a higher amount (that is above the $24,000.00 …) for those of us over 70 ? If I remember correctly, the old standard deduction of $12,000.00 (or so) went up to $15,000.00 (or so). Look forward to receiving your reply and thank you !! Reply In TurboTax Deluxe 2017, does the tax planning flow (W4) take into account the new changes in Tax law (e.g., greater standard deduction, limitation of deduction of taxes on Schedule A, etc)? I want to make sure that my withholding is correct for this year. Reply Do you have a new easy form for retirees? Reply I thought interest on a Home Equity Line of Credit was eliminated? Reply when will you produce an estimating tool so that people can adjust their withholdings? I know that many companies have according to formula for their employees. there are millions of us out there that need something to calculate the new tax law impact. Many are retirees, independent contractors, etc. You are missing an opportunity. Reply Will the new 2018 Turbo Tax program work on my MAC with the OS X El Capitan Version 10.11.6? Reply How will this affect small home businesses? Reply I am interested in doing a mock return for 2018, so I can determine how much I can take out of my IRA, without a significant tax consequence. Is such a tool available from Turbo Tax? Reply I own a home with my partner we share 50/50 deductions for mortgage interest and property taxes. I also own a townhome with my daughter because of her financial situation. We both are in the mortgage. She has no income I pay the property taxes and insurance. This taxes would be more than the tax I claim on my property I own with my partner. Can I claim the taxes on the townhome instead? Reply If using IPad next year, is there a way to connect previous year(s) computer stored TT to generate the boiler plate information ? Reply My main issue from last year was the inability to see the actual tax form as well as following the program question and fill in-areas. This used to be available. Reply Why do you not have a web site you can use for a desktop? That is what I need. Reply Upon further review of my last two returns, I notice that there is a age question on line 23a. Could this have affected the value of my standard deduction, and if so, will there be a similar age question on the 20181040 form? Reply I presume those of us with a business (pass-thru) and other deductions will have to do a “deduction” version of Turbo Tax and then see if we are under or over the standard deduction figure, right? Or is there a a shortcut? Reply Are medical expenses deductible Reply Will a version of TurboTax for tax year 2018 be usable on a MacBook Air upgraded to High Sierra OS? Reply Do you know the impacts of new law on State Income returns.Some States,like Louisiana use some of the Federal data to determine State taxes. For example, some of itemized deductions are used to lower your State tax. If I use the new $24000 deduction, will my state tax go up? Reply How does turbo tax compute when you work a partial revenue year, and the remainder you collect social security. Reply « Older Comments Newer Comments » Leave a ReplyCancel reply Browse Related Articles Tax Reform TurboTax IRS 1040 Form and Schedules Interactive Tool Self-Employed 1040 vs 1099 (What Are the Form Differences?) | TurboT… Tax Planning You May Still be Eligible to File Your Simple Form 1040… Tax Tips Free File for Simple Form 1040 Returns – 37% Qual… Tax Planning Amend Your Tax Return for Income Changes & Revision… Self-Employed Do I Need to File a 1040 If I’m Self-Employed? Tax Planning Who Can File a Tax Form1040 EZ? Self-Employed How to File Self-Employment Taxes (Understanding the Fo… Tax News E-File is Now Open: Why You Should File Your Taxes Earl… TurboTax News TurboTax Restores Popular Forms to Desktop Software
Are there any changes to small business deductions and itemization, specifically for sole propriatership. Reply
Will Turbo Tax have an updated 2018 tax year “estimator” before the end of this tax year AND if so by when? I want to estimate my taxes under the changes made by Congress and the IRS – IRC. Reply
Did the new tax laws change capital gains on selling a house or anything associated to selling a house? Reply
Will there still be a Turbotax Premier and Turbotax Business and are they affected by the new tax law. Reply
Are Medical Premiums and other medical costs deductible including some costs for living in a Continuing Care Retirement Community (CCR)? Reply
I sold my home and am wondering about deductions for capital gains. I am purchasing a home in Mexico as my primary residence. Is this deductible from my profit from the sale of my home in the US? Reply
Will TurboTax provide a tool to calculate what my 2018 taxes will look like with the new tax law? Reply
We have very high medical expenses, like premiums and doctor bills, are they going to be deductible under the new tax code? Reply
Question to the TurboTax Experts, Are “Home Equity Loans” going to be deductibles (the Interest) on next year taxes? Reply
I will have a net operating loss in 2018, the result of the sale of an investment property. I worked out the details using the regulations before the tax changes. Are there any changes I should be aware of, as I should not need any estimated payments as the loss will offset income. Thank you. Reply
How about the deduction for using a private car for business. Virtually all home health staff from MD to CNA needs these deductions. And there are others too who need this deduction . Reply
I have investment income, as well as business income and deductions. What forms will I need to use and how will Turbo Tax help? Reply
So we are eliminating the use of 2 forms…1040EZ & 1040A but adding 6 more forms to accommodate the change? Sounds like progress to me! Reply
Will you be able to take deductions for charitable contributions to Goodwill or other organizations that accept gently used goods? Reply
In prior years there was a $25000 pension deduction allowance for social security, subject to other income earned. Has that allowance disappeared? Reply
In previous years those over 65 and or blind received an extra deduction. Has this been eliminated? Reply
I’ve been using turbo tax for a couple of years for my personal taxes, but I’ve recently started an llc while still maintaining my position at my payroll job. My question is which TurboTax should I switch to Reply
I started a sole proprietorship solely owned by me this year. How do my husband and I file? We normally file jointly. Which turbotax version do i purchase? Reply
What happens to folks who are self-employed and have been using Schedule E? Has that gone away? Where will we enter business income and expenses? Reply
Good Morning Lisa, In regard to the new (and improved …) standard deduction, will there be a higher amount (that is above the $24,000.00 …) for those of us over 70 ? If I remember correctly, the old standard deduction of $12,000.00 (or so) went up to $15,000.00 (or so). Look forward to receiving your reply and thank you !! Reply
In TurboTax Deluxe 2017, does the tax planning flow (W4) take into account the new changes in Tax law (e.g., greater standard deduction, limitation of deduction of taxes on Schedule A, etc)? I want to make sure that my withholding is correct for this year. Reply
when will you produce an estimating tool so that people can adjust their withholdings? I know that many companies have according to formula for their employees. there are millions of us out there that need something to calculate the new tax law impact. Many are retirees, independent contractors, etc. You are missing an opportunity. Reply
I am interested in doing a mock return for 2018, so I can determine how much I can take out of my IRA, without a significant tax consequence. Is such a tool available from Turbo Tax? Reply
I own a home with my partner we share 50/50 deductions for mortgage interest and property taxes. I also own a townhome with my daughter because of her financial situation. We both are in the mortgage. She has no income I pay the property taxes and insurance. This taxes would be more than the tax I claim on my property I own with my partner. Can I claim the taxes on the townhome instead? Reply
If using IPad next year, is there a way to connect previous year(s) computer stored TT to generate the boiler plate information ? Reply
My main issue from last year was the inability to see the actual tax form as well as following the program question and fill in-areas. This used to be available. Reply
Upon further review of my last two returns, I notice that there is a age question on line 23a. Could this have affected the value of my standard deduction, and if so, will there be a similar age question on the 20181040 form? Reply
I presume those of us with a business (pass-thru) and other deductions will have to do a “deduction” version of Turbo Tax and then see if we are under or over the standard deduction figure, right? Or is there a a shortcut? Reply
Will a version of TurboTax for tax year 2018 be usable on a MacBook Air upgraded to High Sierra OS? Reply
Do you know the impacts of new law on State Income returns.Some States,like Louisiana use some of the Federal data to determine State taxes. For example, some of itemized deductions are used to lower your State tax. If I use the new $24000 deduction, will my state tax go up? Reply
How does turbo tax compute when you work a partial revenue year, and the remainder you collect social security. Reply