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 » I am 76 year old and my wife is 68 years old, Do I have tax changes for 2018?. Reply What about medical expense deductions? I saw no mention of that in the above questions. Reply I heard that medical expenses can also still be deducted. Is this true or not? Reply Prior to the new tax law for 2018, if you took the standard deduction, married filing jointly for example, there was an additional amount added onto the 12,700 if you are 65 or older. Is there still an additional amount added to the standard deduction for 65 and older in the new tax law? Reply How about lines 25 through 35 (adjustments to the Gross Income)? Are they staying or going next season? Reply what about deductions for a not for profit business. Can you still itemize or have the business deductions gone away? Reply Is the medical deduction changing in for 2018? Reply Are there changes regarding office-in-home expense. I’ve not started reading about 2018 tax changes in any depth, but had read speculation that home office contractors with W-2 status would become severely limited regarding home office expenses. Reply Will Turbo Tax still ask about all my possible deductions and then help me make the decision on whether to itemize or just take the standard deduction? Reply Can you still file head of household? Reply My husband is disable can I received earn income on him they sent me a letter last year dying I could but never received anything Reply We own a rental vacation property and have been able to claim a loss. How does the new law affect us? Reply When will a full version of turbo tax 2018 be available so that I can run different scenarios to make decisions on deductions, IRA withdrawals/contributions, etc. Reply I thought that home equity interest was no longer deductible. Reply Good technology. Sign of the times. Wake up Reply Is telework deductible, home office, internet service and cell phone usage? Reply Simply, what wii be the standard deduction for husband and wife both in their 70s? Thx Blush Reply My fiancé and I were looking to marry in 2018. Our individual state, property & local taxes are under $10,000, separately. However, our combined taxes exceed $10,000 by almost double. As the standard deduction for single is $12,000 and is $24,000 for married couples, it looks as we would lose almost $10,000 in deductions. Is this correct? Reply What about health premiums for owners of S Corp. Reply Will there be changes in medical expenses? Reply Will per diems issued to me without receipts based on gsa.gov be taxable? I am over 65 Reply Dump the social media bar on the left side of the screen or make it go away forever when selected -PLEASE… It interferes with viewing the text and keeps popping back up. Reply I get Perdiem’s for travel and do not have to turn in receipts. Will these Perdiem’s be taxable Reply I operate a 15 unit rental property, we have a $200k electrical repair bill coming in 2018. Can we expense this in 2018? Also, does the 20% pass-thru deduction apply to us? We report income on Schedule E. Reply I’d like to do some tax planning before year end and wondering if Turbotax for 2018 will be available before year end? Reply With the new tax law is there still a deduction for auto mileage if you use your vehicle for business? Reply Will the IRS not impose a penalty for underpayment this year (due to the changes in deductions,etc.)? Reply Can you still deduct for an electric car purchase? Reply In the past years, it seems that the property taxes weren’t eligible for deduction even if homestead, why is that? Does it need to meet a certain minimum or maximum amount? Reply We need info NOW, not at tax time. The vague statements we have received so far regarding our 2018 tax return are not enough for us to be able to determine our outlays this year, therefore we may be unable to forecast our tax laibility and therefore not be able to make the proper outlay choices before tax time. This entire scheme is badly thought out and not in the best interest of American taxpayers. On another note, “impact” is a noun, “affect” is the verb. Something has an impact on, or is affected by an occurrence. I am a grammar tyrant. Reply How will capital gains (Schedule D) be treated? This has always meant I needed to use 1040A Reply How does the new law effect social security and Army income in NC Reply Hello. Will you still need to file a form with all interest and dividend income, that is the old schedule B? Reply Do we still get deductions for personal and family members and for being over 65? Reply Is the requirement to pay income tax on social security income kept? Reply What is the standard deduction for married seniors – both 70+? Reply Is there a way to use the 2017 Turbo Tax program we did our 2017 taxes on and use that info it has to estimate what 2018 would look like if all the numbers stayed the same? I see the comment above where there is an online tool, but you have to enter all that info from documents, and frankly, it’s all pretty confusing. That’s why I use Turbo Tax. And, it already has all that info from the 2017 taxes in the file on my computer. Reply Given that my prior major deductions – state income, county real estate, and mortgage interest – will not reach the $24K threshold, can I use the $24K married standard deduction and also deduct the percentage of a loss related to the sale of investment property that I incurred in 2014? Reply Is mileage for work still deductible? Reply I appreciate that TurboTax is keeping us abreast of these major changes and especially value the preparational Tax Caster tool. Reply For rental property owners, will we get the 20% discount when filing Schedule E or will we have to file Schedule C? Reply Sorry to digress…I live in NY. I had a child in 2017 and was expecting to get a bigger refund after filing my taxes in April. My other friend who (also a NYer) had a kid 2 years ago pushed her kid out before by December 31, 2015 and she got a good bump on her refund for the 2015 Tax year (she has two kids so her refund was more than $10K). That set my expectations but my refund was almost the same amount as the 2016 Tax year. My husband and I filed married jointly, I own a coop and did itemized deductions as well. We used Turbo Tax to file 2017 taxes and I entered my son’s birth date as prompted. Did the law change from before? I followed the Turbo Tax step by step and answered each question. Did I do something incorrectly? Reply Are there any provisions for deducting investment expenses such as management fees? Reply What about medical deductions? Reply In general I like TurboTax, but It does not do a good job in handling and explaining MLP’s K-1 forms and how it impacts ones 1040. Hopefully TurboTax will improve that whole area !!!!! Reply Last year, I filed using the on line Turbo Tax, but had to redo my 2016 using the download version. I found the download version to be more flexible than the online version, so I would like to do the download version again for 2018. My question is, will I be able to import my on-line data from 2017 and my 2016 download data into my 2018 taxes? Reply Wondering about changes if any to the capital gains tax exemption on the gains from the sale of your personal home. I believe the exemption was up to $500,000 but you had to reside in it 3 out of the last 5 years. Is the five year period looking back from the sale date or from the date you moved out? For example, what if it takes 3 years to sell from the time you moved (not rented), does this void the exemption? Reply What is the detail on Gambling Winnings and taking the loss on the Schedule A? Reply I heard that the home mortgage interest deduction will be changed to only include interest related to acquisition-related debt. So if you paid cash and refinanced shortly thereafter, you’re screwed. Is this true? If so, does it apply retrospectively? I bought my house in Jan 2017 and refinanced Apr 2017. I borrowed money for the purchase from a personal loan and from my parents. Do you think I’ll be able to deduct the interest? Reply The new tax laws eliminate IRA transfer recharacterization, so knowing my exact tax situation prior to year’s end is critical. Will Turbotax have a good tax calculation worksheet by December 26th so that I do not over- or under-transfer on December 27th or 28th? 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
Prior to the new tax law for 2018, if you took the standard deduction, married filing jointly for example, there was an additional amount added onto the 12,700 if you are 65 or older. Is there still an additional amount added to the standard deduction for 65 and older in the new tax law? Reply
How about lines 25 through 35 (adjustments to the Gross Income)? Are they staying or going next season? Reply
what about deductions for a not for profit business. Can you still itemize or have the business deductions gone away? Reply
Are there changes regarding office-in-home expense. I’ve not started reading about 2018 tax changes in any depth, but had read speculation that home office contractors with W-2 status would become severely limited regarding home office expenses. Reply
Will Turbo Tax still ask about all my possible deductions and then help me make the decision on whether to itemize or just take the standard deduction? Reply
My husband is disable can I received earn income on him they sent me a letter last year dying I could but never received anything Reply
We own a rental vacation property and have been able to claim a loss. How does the new law affect us? Reply
When will a full version of turbo tax 2018 be available so that I can run different scenarios to make decisions on deductions, IRA withdrawals/contributions, etc. Reply
My fiancé and I were looking to marry in 2018. Our individual state, property & local taxes are under $10,000, separately. However, our combined taxes exceed $10,000 by almost double. As the standard deduction for single is $12,000 and is $24,000 for married couples, it looks as we would lose almost $10,000 in deductions. Is this correct? Reply
Dump the social media bar on the left side of the screen or make it go away forever when selected -PLEASE… It interferes with viewing the text and keeps popping back up. Reply
I get Perdiem’s for travel and do not have to turn in receipts. Will these Perdiem’s be taxable Reply
I operate a 15 unit rental property, we have a $200k electrical repair bill coming in 2018. Can we expense this in 2018? Also, does the 20% pass-thru deduction apply to us? We report income on Schedule E. Reply
I’d like to do some tax planning before year end and wondering if Turbotax for 2018 will be available before year end? Reply
With the new tax law is there still a deduction for auto mileage if you use your vehicle for business? Reply
Will the IRS not impose a penalty for underpayment this year (due to the changes in deductions,etc.)? Reply
In the past years, it seems that the property taxes weren’t eligible for deduction even if homestead, why is that? Does it need to meet a certain minimum or maximum amount? Reply
We need info NOW, not at tax time. The vague statements we have received so far regarding our 2018 tax return are not enough for us to be able to determine our outlays this year, therefore we may be unable to forecast our tax laibility and therefore not be able to make the proper outlay choices before tax time. This entire scheme is badly thought out and not in the best interest of American taxpayers. On another note, “impact” is a noun, “affect” is the verb. Something has an impact on, or is affected by an occurrence. I am a grammar tyrant. Reply
Hello. Will you still need to file a form with all interest and dividend income, that is the old schedule B? Reply
Is there a way to use the 2017 Turbo Tax program we did our 2017 taxes on and use that info it has to estimate what 2018 would look like if all the numbers stayed the same? I see the comment above where there is an online tool, but you have to enter all that info from documents, and frankly, it’s all pretty confusing. That’s why I use Turbo Tax. And, it already has all that info from the 2017 taxes in the file on my computer. Reply
Given that my prior major deductions – state income, county real estate, and mortgage interest – will not reach the $24K threshold, can I use the $24K married standard deduction and also deduct the percentage of a loss related to the sale of investment property that I incurred in 2014? Reply
I appreciate that TurboTax is keeping us abreast of these major changes and especially value the preparational Tax Caster tool. Reply
For rental property owners, will we get the 20% discount when filing Schedule E or will we have to file Schedule C? Reply
Sorry to digress…I live in NY. I had a child in 2017 and was expecting to get a bigger refund after filing my taxes in April. My other friend who (also a NYer) had a kid 2 years ago pushed her kid out before by December 31, 2015 and she got a good bump on her refund for the 2015 Tax year (she has two kids so her refund was more than $10K). That set my expectations but my refund was almost the same amount as the 2016 Tax year. My husband and I filed married jointly, I own a coop and did itemized deductions as well. We used Turbo Tax to file 2017 taxes and I entered my son’s birth date as prompted. Did the law change from before? I followed the Turbo Tax step by step and answered each question. Did I do something incorrectly? Reply
In general I like TurboTax, but It does not do a good job in handling and explaining MLP’s K-1 forms and how it impacts ones 1040. Hopefully TurboTax will improve that whole area !!!!! Reply
Last year, I filed using the on line Turbo Tax, but had to redo my 2016 using the download version. I found the download version to be more flexible than the online version, so I would like to do the download version again for 2018. My question is, will I be able to import my on-line data from 2017 and my 2016 download data into my 2018 taxes? Reply
Wondering about changes if any to the capital gains tax exemption on the gains from the sale of your personal home. I believe the exemption was up to $500,000 but you had to reside in it 3 out of the last 5 years. Is the five year period looking back from the sale date or from the date you moved out? For example, what if it takes 3 years to sell from the time you moved (not rented), does this void the exemption? Reply
I heard that the home mortgage interest deduction will be changed to only include interest related to acquisition-related debt. So if you paid cash and refinanced shortly thereafter, you’re screwed. Is this true? If so, does it apply retrospectively? I bought my house in Jan 2017 and refinanced Apr 2017. I borrowed money for the purchase from a personal loan and from my parents. Do you think I’ll be able to deduct the interest? Reply
The new tax laws eliminate IRA transfer recharacterization, so knowing my exact tax situation prior to year’s end is critical. Will Turbotax have a good tax calculation worksheet by December 26th so that I do not over- or under-transfer on December 27th or 28th? Reply