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

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

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.

Comments (841) Leave your comment

  1. I’m semi retired and have a part time job. I get my my assignments at home and travel to my assigned location for that day. Each day is a different location. Last year I could deduct my mileage as a non reimbursable expense.
    Will I still be able to deduct my mileage this year ?

  2. I was recently widowed. My husband for many years filed with TurboTax; he was a former Comptroller and CFO at two major steel companies. Unfortunately, his sudden death has derailed me as I don’t have his financial understanding. Do you think TurboTax is for me or should I get a tax attorney? We only have one residence and our income comes from investments. My husband always paid his taxes when we withdrew funds.

  3. You do not mention medical expense deductions. Are medical expense deductions available for 2018? I am a longtime user of TurboTax. It you have the wrong email address.

  4. TurboTaxLisa, Great information. On the 2018 tax deductions are Gaming Wins still deductible up to the limit if you qualify for itemizing. For instance if you win $30,000 but lost $40,000 can you still write off the $30,000 as in the past?

  5. Are there going to be any changes in 401k deduction taxes? Also in Capital Gains tax? Thank you so much! : )

  6. I am a married filing jointly multiply handicapped and claimed $20,526 medical deduction in 2017, in addition to my other tax deductions. Will any of this be deductible in 2018?

  7. Is it possible to do a mid-year “test” return to see how i am tracking for the year-end? I don’t want to get to the end of the year and find out i owe a lot because our withholdings were automatically adjusted down at the beginning of the year due to the changes in the tax tables.

  8. Based on everything I’ve read so far, it appears that the new Fed standard Deduction will exceed our itemized deductions. If so, can we still itemize for New York State, assuming that it exceeds the NYS standard deduction. Thanks for your advice.

  9. Can you provide the new Standard Deduction for other filing types such as Head of Household, Married- Separated Head of Household, etc.

  10. I am married and have one college student. Will I be able to get the American opportunities tax credit or will I only get it if my deductions exceed $24,000?

  11. I’m trying to estimate and pay Fed Taxes each quarter. As a retired couple how is the Fed Tax computed on Social Security Benefits?

  12. I am retired but have to work part time to maintain a residence in Maryland. My income is just over the limit for a married couple. Will Social Security continue to be taxed in 2018.

  13. I just received life insurance proceeds upon the death of a son. Is such taxable and should I prepay some toward next years taxes?

  14. How are the deductibles for rental properties affected? Will you be able to still deduct property taxes as a separate line item different from your primary and secondary properties? Are there other deductions affected with rentals?

  15. Federal tax law is at least manageable but the changes in MD are significant. Are there are any apps to estimate the MD state tax?

  16. My divorce was finalized last month. Do I need to file anything with the IRS to alert them or would I just wait until I file in 2019? Thank you.

  17. In 2018 will investment advisory expenses be deductible? I use a financial planner and saw nothing in your TurboTax TaxCaster that related to those expenses when inputting data for 2017. That being the case, your grossly underestimated my total tax bill (line 63), or overestimate the amount owe (line 73). That being the case, I don’t believe the TaxCaster calculations for 2018.

    By the way, I could not get to this blog after I logged into my TurboTax account. All I got was pages that wanted to sell me a product and did not have a link to this blog.

  18. I am planning to take a trip to another state to take an accredited course that will greatly benefit my job. Is it possible to take a deduction for the class and traveling expenses?

  19. I am a work from home person ,What impact will The new tax laws have on deductions that was allowed in 2017? For example home office expenses .

  20. I drive for Uber and Lyft. In years past I deducted mileage. Will I be able to continue deducting mileage or is that part of the new $24,000.00 standard deduction for a couple?

  21. For 401K withdrawals, is the exemption for the 10% penalty still in effect for Retired Public Safety Officers who retired on or after attaining the age of 50 on distributions before reaching 59.5 yrs old?

  22. Can I deduct my 90 year old mother still as a dependent? (She is now full time in a nursing home since the end of 2017. I’ve claimed her when she lived under my roof.)

  23. In 2018, will I still be able to deduct charitable contributions that are made in the form of non-cash items (such as clothes, household items, etc.), as was possible before the tax reform law? For example, for the 2018 tax season, can I still deduct the market value for clothes and household items donated to Goodwill?

  24. Can I use this form, if I have a spouse who passed away in January of this year, or do I need something else?

  25. If you receive settlement money from the Employer (Federal Government agency) due to EEO complaint, is this money taxable or not? Thanks.

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