The new Form 1040 is different from the old one. This new draft may seem confusing, but we are going to help you understand it. Here are the five things all Americans should know about the new IRS Form 1040.
The New 1040 Form is the Size of a Postcard
One of the main promises Donald Trump made during the 2016 presidential campaign is he wanted to change the tax code to make it simpler. He said that he wanted the average American to be able to file their taxes on something the size of a postcard.… Read the rest
IRS Form 1040 is the basic tax form many Americans will use. It also recently received an overhaul.
The new Form 1040 is now going to be the size of a postcard with 1040EZ and 1040-A removed from circulation entirely. However, there are a variety of new schedules, so you need to be aware that you don’t need to give less information; they’ve just been moved to other forms.
So, let’s look at where you can find IRS Form 1040 and instructions.… Read the rest
The brand-new Form 1040 has simplified the form and moved many of the original lines to separate schedules. The philosophy behind it is to make filing easier for most Americans, who tend to have extremely simplified tax affairs.
Most taxpayers never have to use anything other than the new Form 1040. But for those who do need the schedules, we’re going to go through the six new schedules and what they do.
Schedule 1 – Additional Taxes and Adjustments to Income
If you need to report certain types of income or any adjustments, you’ll use this form.… Read the rest