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 » Did they remove the deductions for foster children that are in your home over a hundred eighty days and children you adopt. Reply I’m a single parent who has claimed head of household in past returns. Will I have to file as a single person this year? I’m trying to anticipate how the new tax code will affect me and prepare financially. I’m sure it’s not in my favor. Reply Will you still be able to file head of household? What kind of deductions do you get for your children? Reply Are HSA contributions handled the same? Will we be able to use the new short form? Reply Are there still deductions for medical. If so what is the threshold Reply I’m confused about the deductibility of home equity interest. Years ago, the home equity loan had to be for home improvement. Then that requirement was dropped. Is it back in place now? Reply will u still be able to deduct sales tax? Reply If I rent my house out for two weeks can I still treat the rental income as not taxable? Cliff Reply Is there a change to TurboTax for use with Apple computers this year? Reply Did the personal exemption and exemption for the elderly go away? Reply Will I still be able to deduct medical expenses? Reply Hi Lisa, On your post July 23, 2018 at 11:33 am to Maria regarding “Is the $10,000 total per property or total per household?”, you responded: “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property.” To clarify, are state and local property, income, and sales taxes still fully tax deductible for rental properties? Thank you, David Lipps Reply So with the “simplification” of the tax form and obviously the less complexity to it will Turbo Tax be much cheaper to purchase for 2018 and going forward? Reply I was a PSO injuried in the line of duty and my pension from my department has been tax free. It that benefit going to be changed?? Reply Do tax payers over 65 still get an additional deduction amount the same as before? Reply Does the 20% business tax deduction apply only to incorporated businesses or does it also apply to self-employed business income earned as a sole proprietor? Reply I am a senior widow caring for my two disabled adult children. I’ve always been able to claim them as dependants. No more? Reply Is the 1202 exclusion ( profits on small companies held over 5 yrs) still valid? Reply Is there anything that will effect that income tax from Social Security benefits? For many years, if the tax paer who happenes to be a retired senior citizen who has a total income in excess of $32,000, the tax payer is liable for taxes at whatever that tax rate is where 85% is considered to be taxable. Reply is the $4050 exemption per person going away Reply What about home business? Will this still be schedule C and expenses be deductible. Reply As a published author I file a Form C to itemize my writing expenses. Will this remain the same? Reply You you address the child credit in the new tax law. I believe it is 2000 tax credit per child. Not sure what the income limits are, Reply I have a 491k rollover to an IRA this year, which turbo tax product do I need? Reply Which Turbo Tax will I use if I had a 1031 Exchange this year and will it input all the necessary information for this? Reply Is mortgage interest on your primary and secondary homes fully deductible? Any limitations based on total adjusted income? Does AMT still have a negative effect on taxes for the middle class? Reply I expect to use the Standard Deduction for 2018. Will I still be able to do a Qualified Charitable Distribution from my IRA? Reply Is there a tax caster for those of us without iphones? I use Samsung and would like to be able to predict the needed taxes as well Reply Is medical deductions included in the standard deduction or is it separate now? Reply What will be the head of household deduction with a minor Reply My kids and I use TurboTax every year. I’m retired on SS but they’re still working. Is there a TurboTax tool to make sure their employers aren’t under-witholding? Reply How are military reservist expenses (travel, uniforms, etc.) handled on the new 1040? Still deductible? Reply Is there any way that the tax caster that you have can specify what the 1040 forms line numbers are for the 2017 tax year? I think this would make it a little clearer Reply If you are 65 yrs. old, is there additional deduction ? Reply If the standard deduction is 12k for single and 24k for a couple filing joint is there an additional deduction for over 65? Reply does taxcaster takie into account tax on social security income? Reply When will 2018 TurboTax software be available? Reply If I sell my rental home that I have had for five years and have a profit; at what rate with that be taxed? Reply I have a small farming operation and a small business. Is it necessary to establish an S-Corp or LLC to qualify for pass-through deductions or can I still use my SSN? Reply This is why normal people struggle with taxes…they don’t understand enough of how to do it! Reply is it true that the nonreimbursed employee expense has been eliminated? Reply I am downsizing this year and plan to move into a smaller place. I am hoping I can write off my charitable contributions. I will have a huge amount because I’m giving away furniture and other valuables that I will not have room for in my new home. Reply I lost my spouse two months ago, how does this now affect me and my adult dependent daughter? Reply For tax deduction can a second home be in Canada? Reply I heard on the news yesterday, August 1st 2018, that our Employers have not been taking out enough taxes this year, so when we file for 2018 we will owe more. Please help me understand what happened and why we would owe more tax. Thank you for your time! Reply My big worry are the changes to the “divorce deduction.” My attorney says I keep the deduction because the divorce was finalized in 2016, but until I see it in black and white, I remain nervous. Can you shed any light on this topic? Reply I downsized after my husband’s death on 1/1/17. I just rented my home with an option to buy within 2 years. Couple questions: 1) Will I still submit a joint return for 2017? 2) I will have rental income for 4 months in 2018. I also spent a lot of money getting the house ready to sell/rent. What Turbo Tax product do I need to order for my 2018 taxes? Can I deduct the expenses paid for getting the house ready? 3) I also had damage to my home in August 2017 which the insurance company would not pay one dime. Some of the expenditures to remedy the situation were paid in 2017 and some in 2018. How do I handle these expenditures? Thank you in advance for your input. Reply What’s the earliest date we should expect to be able to start using TurboTax for next tax season, i.e., early modeling of changes’ impacts. Reply Can I still claim my milage if I use my personal vehicle for work purposes? Reply What the minimum AGI to claim rental property loss? Reply « Older Comments Newer Comments » Leave a ReplyCancel reply Browse Related Articles Tax Planning TurboTax Enables Refund Advance to Taxpayers Investments Tax Benefits of Real Estate Investing Self-Employed Business Tax Checklist: What You’ll Need When Filing Uncategorized What Is Deferred Compensation & How Is It Taxed? Investments How Does an Inherited IRA Work? Work Choosing Your Business Structure: 5 Types of Businesses… Tax Deductions and Credits Are HOA Fees Tax Deductible? What You Need to Know Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home
Did they remove the deductions for foster children that are in your home over a hundred eighty days and children you adopt. Reply
I’m a single parent who has claimed head of household in past returns. Will I have to file as a single person this year? I’m trying to anticipate how the new tax code will affect me and prepare financially. I’m sure it’s not in my favor. Reply
Will you still be able to file head of household? What kind of deductions do you get for your children? Reply
I’m confused about the deductibility of home equity interest. Years ago, the home equity loan had to be for home improvement. Then that requirement was dropped. Is it back in place now? Reply
Hi Lisa, On your post July 23, 2018 at 11:33 am to Maria regarding “Is the $10,000 total per property or total per household?”, you responded: “The $10,000 is in aggregate and is the total per tax return. This new law is also for your principal residence and second residence. It would not be for rental property.” To clarify, are state and local property, income, and sales taxes still fully tax deductible for rental properties? Thank you, David Lipps Reply
So with the “simplification” of the tax form and obviously the less complexity to it will Turbo Tax be much cheaper to purchase for 2018 and going forward? Reply
I was a PSO injuried in the line of duty and my pension from my department has been tax free. It that benefit going to be changed?? Reply
Does the 20% business tax deduction apply only to incorporated businesses or does it also apply to self-employed business income earned as a sole proprietor? Reply
I am a senior widow caring for my two disabled adult children. I’ve always been able to claim them as dependants. No more? Reply
Is there anything that will effect that income tax from Social Security benefits? For many years, if the tax paer who happenes to be a retired senior citizen who has a total income in excess of $32,000, the tax payer is liable for taxes at whatever that tax rate is where 85% is considered to be taxable. Reply
As a published author I file a Form C to itemize my writing expenses. Will this remain the same? Reply
You you address the child credit in the new tax law. I believe it is 2000 tax credit per child. Not sure what the income limits are, Reply
Which Turbo Tax will I use if I had a 1031 Exchange this year and will it input all the necessary information for this? Reply
Is mortgage interest on your primary and secondary homes fully deductible? Any limitations based on total adjusted income? Does AMT still have a negative effect on taxes for the middle class? Reply
I expect to use the Standard Deduction for 2018. Will I still be able to do a Qualified Charitable Distribution from my IRA? Reply
Is there a tax caster for those of us without iphones? I use Samsung and would like to be able to predict the needed taxes as well Reply
My kids and I use TurboTax every year. I’m retired on SS but they’re still working. Is there a TurboTax tool to make sure their employers aren’t under-witholding? Reply
How are military reservist expenses (travel, uniforms, etc.) handled on the new 1040? Still deductible? Reply
Is there any way that the tax caster that you have can specify what the 1040 forms line numbers are for the 2017 tax year? I think this would make it a little clearer Reply
If the standard deduction is 12k for single and 24k for a couple filing joint is there an additional deduction for over 65? Reply
If I sell my rental home that I have had for five years and have a profit; at what rate with that be taxed? Reply
I have a small farming operation and a small business. Is it necessary to establish an S-Corp or LLC to qualify for pass-through deductions or can I still use my SSN? Reply
I am downsizing this year and plan to move into a smaller place. I am hoping I can write off my charitable contributions. I will have a huge amount because I’m giving away furniture and other valuables that I will not have room for in my new home. Reply
I heard on the news yesterday, August 1st 2018, that our Employers have not been taking out enough taxes this year, so when we file for 2018 we will owe more. Please help me understand what happened and why we would owe more tax. Thank you for your time! Reply
My big worry are the changes to the “divorce deduction.” My attorney says I keep the deduction because the divorce was finalized in 2016, but until I see it in black and white, I remain nervous. Can you shed any light on this topic? Reply
I downsized after my husband’s death on 1/1/17. I just rented my home with an option to buy within 2 years. Couple questions: 1) Will I still submit a joint return for 2017? 2) I will have rental income for 4 months in 2018. I also spent a lot of money getting the house ready to sell/rent. What Turbo Tax product do I need to order for my 2018 taxes? Can I deduct the expenses paid for getting the house ready? 3) I also had damage to my home in August 2017 which the insurance company would not pay one dime. Some of the expenditures to remedy the situation were paid in 2017 and some in 2018. How do I handle these expenditures? Thank you in advance for your input. Reply
What’s the earliest date we should expect to be able to start using TurboTax for next tax season, i.e., early modeling of changes’ impacts. Reply