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 » Hi Lisa will I be able to claim my child on my tax return Reply What about the taxable income limit on social security, has that been eliminated so you don’t have to pay taxes on social security? Reply How will these changes effect my small business returns which i file with you? Any new records keeping required? Any deductions added or deleted for 2018 returns as of the moment? Reply Is it true if you earn less than $25k you dont owe taxes? Reply Will I still be able to file for spousal support credit on new forms? Reply Our joint return will qualify for the new 1040 standard deduction. How about reported investment income( long and short term gain from managed accounts)? Will I have to use additional forms, or can I use the streamlined 1040 form? Thanks. Michael Reply What’s going to be the eic? Or credit per child? Reply So, there is no longer a tax credit for children under 17? Reply I was looking at donating a vehicle this year, will I still be able to deduct on my upcoming taxes? Reply I wasted my money on TurboTax the past 3 years. I need convincing you’re worth my money. I also deserve a refund from Intuit for, at the very least, 2016 and 2017 year’s “product.” In 2016, I had a new computer and the program would not allow me to transfer my data from 2015. We had to get our tax info from irs.gov, which involved a lot of wait time for a code, entering everything ourselves, etc. by the time all was done, we had penalties. Last year, the program did not save our 2016 data, even though we were on the same computer, and we ran into the same problem. Again, we couldn’t get responses from TurboTax. I spent a lot of time (and several calls) on the phone with IRS. We had to wait for a code again since our data didn’t transfer (at least we knew what to do this time and had plenty of help from IRS). I was entering data on countless occasions and it said it was saving it, only to be lost and have to start over again. Several people at the IRS said we were far from alone in our experience with TurboTax. Once again, our data would not save. We now have no printable records or saved records for 2015, 2016, and 2017. We gave instructions for our Refund to be direct deposited, just as we do every year, but that info wasn’t saved and we had to wait for a check. I already know our data will not transfer from 2017 to 2018. We also need copies of 2016 and 2017 tax returns for a financial project and we have no way to get them in a timely manner. This is costing us money! Reply If you a truck driver do you still get per dem for over the road Reply What about people with an income plus Uber and Lyft Reply Not so much a comment, but a question. My husband is in prison for 25 plus years. The only I receive is from my job which is full time. My question, would it be better for me to file married, head of house or single? Legally still married for now. Please help. Thank You, Linda Reply My husband recently passed away. I know I can file married filing joint, BUT, how do I get the direct deposit or check, which ever way I decide to go this time, made out to just me? The bank that I bank at has told me I have to take him off of the account, so if I do direct deposit, I don’t want it to get rejected since they will have record of him being deceased. OR if I close that account and go to a different bank, same thing. Reply Lisa, can I please get a reply to this question? It’s driving me crazy. Reply Please and thank you very much. Quick question. In past years I always itemized. The total is always around 15 thousand. So that combined with my personal exemptions for 3 people around 13. Thousand. Totaling around 28 thousand. With the elimination of the personal exemptions won’t I end up paying more taxes this year? Only being able to claim 24 thousand instead of 28? Reply My wife is in memory care. Do the same rules apply this year as for last for the medical deduction? Reply What does the children deduction credits look like Reply Does tax caster have the ability to pull over your 2017 tax info from turbo tax to estimate 2018 taxes? I don’t want to re-enter all my info. Reply I was looking for some substantive information about tax changes to aid my own tax planning for the balance of the year. Nothing here. Reply I’m over 80 and a widow so I have to file single. My estimated taxable income is approximately $20,000. Investment income approximately $60,000. I don’t own a home but have property worth approximately $70,000. So guess I have to file just because I invested the money from the sale of my mobile home. Thank you. Sandy Reply Is there a limit on charitable contribution and if so can you carry over to another year if you meet that limit Reply Turbo Tax on the SALT deduction: “The $10,000 is in aggregate and is the total per tax return.” So if two single filers jointly own a property upon which real estate taxes are $12,000, each could take a $6,000 deduction (assuming other state & local taxes do not exceed $4,000)? Reply Does the child tax credit go up 500 per child? Reply So instead of one or two forms to fill out, I might have 6 or 7 ??? Reply What would it be for children deductable for each child Reply How does this new tax form effect clergy housing ? Which in the past was considered non taxable. Reply Since TurboTax knows all the new rules and also has access to my last years tax returns, why can’t to offer a simple website app that can look at my last return and assuming similar items give me a reference guideline on how my 2018 tax wis likely to change up or down. I’m not expecting an accurate number just eg: “based on previous returns this years tax may lead to an small increase in refund” Reply medical costs wont be allowed to be deducted? Reply Will the child tax credit change and because I work full time and will be attending school this fall, will any of the new laws affect me. And if so which ones Reply Hi! I started to use the Tax Caster, but it says “What do you plan….in 2017” Is that supposed to say 2018 or is this an outaded version? If outdated, when will the 2018 update be ready? Reply I file married filing separate and I’m head of household. What are the changes for my taxes in 2018? Reply I file married filing separate. Is there any deductions for me? I’m also head of house hold . Reply i am expecting a refund for 2016 tax year. I forgot to file. but I do know that a refund should be allowed. Can I file 2016 with on linte turbo tax? Reply I’m 67 yrs. old and planning to sell my residence in Ca. that I purchased in Nov. of 1986. I am currently retired receiving pension and social security. With new tax reform what can I expect in tax consequences? Reply Hi, I like turbotax. I used to do my own taxes with Turbotax. But since I started working for Uber I stop using Turbotax because the software didnt have an option do it for uber driver, so I had to go to an accountant instead. It will be great if Turbotax provide the software for uber driver. Reply I am dependent on my son, won’t be be able to claim me? I am 75. Reply I need prepared in tax training software online how to now the software to helping my people to open my bisness Reply Is the Head of Household filing status still a standard deduction option? Reply I want to participation in tax training preparation with software online Reply What will the standard deduction be if you file Head of Household? Reply I’m my wife and I are senior citizens. Last year we took a standard deduction for $15000.00 since we were 75 years old.i read above that new standard deduction is $24000.00. Is that figure for those not senior citizens? If it is then what is the senior citizen amount. Reply Hi if a buy windows for my house and change roof can a this expenses? And I have 2 children ones is 14 and the 16 years on high school she will be take college class this can be deducted? Reply I am in the transportation industry airline employee I have extensive meals uniforms etc. what will be my options this year, Major medical is also an issues including phone Internet etc. needed for the job we are required to have a computer and be available 24 seven Reply What about state taxes? Last year I had to file a printed copy of my mn state taxes and delayed my refund. Reply If my grandchild is 17 this year can I still get the child tax credit . She is still in high school Reply Been using Turbo Tax for several years. Recently realized that Turbo Tax has not been querying me for prepaid interest on purchases of fixed income securities; which is tax deductible and not reported to the IRS on forms 1099. Why am I not queried in you program ? Reply I was not happy with turbo tax used it in 2017 for 2016 taxes for my son and when I went to use in 2018 for my sons 2017 taxes I did not remember how to log in and they was absolutely no real person to contact to help me. Tried every number I found finally had to pay someone to do them. Reply So do the child tax credit go up when you fill your 2018 tax return Reply Hello, we pay PMI can we deduct this with mortgage interest and property tax? How are the deduction broken down ? Thank you 🙂 Reply Can you claim someone that you take care of in jail or prison. 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? 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What about the taxable income limit on social security, has that been eliminated so you don’t have to pay taxes on social security? Reply
How will these changes effect my small business returns which i file with you? Any new records keeping required? Any deductions added or deleted for 2018 returns as of the moment? Reply
Our joint return will qualify for the new 1040 standard deduction. How about reported investment income( long and short term gain from managed accounts)? Will I have to use additional forms, or can I use the streamlined 1040 form? Thanks. Michael Reply
I was looking at donating a vehicle this year, will I still be able to deduct on my upcoming taxes? Reply
I wasted my money on TurboTax the past 3 years. I need convincing you’re worth my money. I also deserve a refund from Intuit for, at the very least, 2016 and 2017 year’s “product.” In 2016, I had a new computer and the program would not allow me to transfer my data from 2015. We had to get our tax info from irs.gov, which involved a lot of wait time for a code, entering everything ourselves, etc. by the time all was done, we had penalties. Last year, the program did not save our 2016 data, even though we were on the same computer, and we ran into the same problem. Again, we couldn’t get responses from TurboTax. I spent a lot of time (and several calls) on the phone with IRS. We had to wait for a code again since our data didn’t transfer (at least we knew what to do this time and had plenty of help from IRS). I was entering data on countless occasions and it said it was saving it, only to be lost and have to start over again. Several people at the IRS said we were far from alone in our experience with TurboTax. Once again, our data would not save. We now have no printable records or saved records for 2015, 2016, and 2017. We gave instructions for our Refund to be direct deposited, just as we do every year, but that info wasn’t saved and we had to wait for a check. I already know our data will not transfer from 2017 to 2018. We also need copies of 2016 and 2017 tax returns for a financial project and we have no way to get them in a timely manner. This is costing us money! Reply
Not so much a comment, but a question. My husband is in prison for 25 plus years. The only I receive is from my job which is full time. My question, would it be better for me to file married, head of house or single? Legally still married for now. Please help. Thank You, Linda Reply
My husband recently passed away. I know I can file married filing joint, BUT, how do I get the direct deposit or check, which ever way I decide to go this time, made out to just me? The bank that I bank at has told me I have to take him off of the account, so if I do direct deposit, I don’t want it to get rejected since they will have record of him being deceased. OR if I close that account and go to a different bank, same thing. Reply
Quick question. In past years I always itemized. The total is always around 15 thousand. So that combined with my personal exemptions for 3 people around 13. Thousand. Totaling around 28 thousand. With the elimination of the personal exemptions won’t I end up paying more taxes this year? Only being able to claim 24 thousand instead of 28? Reply
My wife is in memory care. Do the same rules apply this year as for last for the medical deduction? Reply
Does tax caster have the ability to pull over your 2017 tax info from turbo tax to estimate 2018 taxes? I don’t want to re-enter all my info. Reply
I was looking for some substantive information about tax changes to aid my own tax planning for the balance of the year. Nothing here. Reply
I’m over 80 and a widow so I have to file single. My estimated taxable income is approximately $20,000. Investment income approximately $60,000. I don’t own a home but have property worth approximately $70,000. So guess I have to file just because I invested the money from the sale of my mobile home. Thank you. Sandy Reply
Is there a limit on charitable contribution and if so can you carry over to another year if you meet that limit Reply
Turbo Tax on the SALT deduction: “The $10,000 is in aggregate and is the total per tax return.” So if two single filers jointly own a property upon which real estate taxes are $12,000, each could take a $6,000 deduction (assuming other state & local taxes do not exceed $4,000)? Reply
How does this new tax form effect clergy housing ? Which in the past was considered non taxable. Reply
Since TurboTax knows all the new rules and also has access to my last years tax returns, why can’t to offer a simple website app that can look at my last return and assuming similar items give me a reference guideline on how my 2018 tax wis likely to change up or down. I’m not expecting an accurate number just eg: “based on previous returns this years tax may lead to an small increase in refund” Reply
Will the child tax credit change and because I work full time and will be attending school this fall, will any of the new laws affect me. And if so which ones Reply
Hi! I started to use the Tax Caster, but it says “What do you plan….in 2017” Is that supposed to say 2018 or is this an outaded version? If outdated, when will the 2018 update be ready? Reply
I file married filing separate and I’m head of household. What are the changes for my taxes in 2018? Reply
i am expecting a refund for 2016 tax year. I forgot to file. but I do know that a refund should be allowed. Can I file 2016 with on linte turbo tax? Reply
I’m 67 yrs. old and planning to sell my residence in Ca. that I purchased in Nov. of 1986. I am currently retired receiving pension and social security. With new tax reform what can I expect in tax consequences? Reply
Hi, I like turbotax. I used to do my own taxes with Turbotax. But since I started working for Uber I stop using Turbotax because the software didnt have an option do it for uber driver, so I had to go to an accountant instead. It will be great if Turbotax provide the software for uber driver. Reply
I need prepared in tax training software online how to now the software to helping my people to open my bisness Reply
I’m my wife and I are senior citizens. Last year we took a standard deduction for $15000.00 since we were 75 years old.i read above that new standard deduction is $24000.00. Is that figure for those not senior citizens? If it is then what is the senior citizen amount. Reply
Hi if a buy windows for my house and change roof can a this expenses? And I have 2 children ones is 14 and the 16 years on high school she will be take college class this can be deducted? Reply
I am in the transportation industry airline employee I have extensive meals uniforms etc. what will be my options this year, Major medical is also an issues including phone Internet etc. needed for the job we are required to have a computer and be available 24 seven Reply
What about state taxes? Last year I had to file a printed copy of my mn state taxes and delayed my refund. Reply
If my grandchild is 17 this year can I still get the child tax credit . She is still in high school Reply
Been using Turbo Tax for several years. Recently realized that Turbo Tax has not been querying me for prepaid interest on purchases of fixed income securities; which is tax deductible and not reported to the IRS on forms 1099. Why am I not queried in you program ? Reply
I was not happy with turbo tax used it in 2017 for 2016 taxes for my son and when I went to use in 2018 for my sons 2017 taxes I did not remember how to log in and they was absolutely no real person to contact to help me. Tried every number I found finally had to pay someone to do them. Reply
Hello, we pay PMI can we deduct this with mortgage interest and property tax? How are the deduction broken down ? Thank you 🙂 Reply