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For those who still file on paper, or use the paper forms as worksheets for on-line filing, the ALL NEW forms for TY 2018 are now available on-line at https://www.irs.gov/forms-pubs/about-form-1040
Be aware that the 1040 is very different, 2 half pages. There are 6 (yes six) new Schedules 1-6 that you may or may not need for your specific use. The new Schedules replace many of the sections of the old 1040 form.
As somebody said, "May you live in interesting times"
I saw that this weekend, and filled out the forms with preliminary numbers. The forms are available at the local library, too. Too bad Ohio tax forms are not yet available.
There are no longer 1040A or 1040EZ forms, just the 1040, which is what I have used for decades.
Yesterday, I used the preliminary forms to do an Estimate on my Taxes. My Income has a 1099-MISC component that varies widely year to year, but by December I can make a good guess at what it will be.
As I suspected -- the difference between the new Standard Deduction and the old Personal Exemption/Std Deduction doesn't help in my Income Bracket. The whole Tax Cut thing was a shell game. I won't owe them any money......but I certainlybdidn't get the massive Tax Cut that the politicians promised.
I strongly suggest that you get hold of these new Forms and do a quick Estimate of what you're going to owe the IRS.
Yes, and rules for parts of the standard 1040 have not yet been written!
I bought a copy of TurboTax Premiere earlier this week and started compiling our itemized deductions, knowing there was a 99% chance this was an effort in futility with the higher Standard Deduction. But our itemized amount has been fairly high in recent years so I thought it worthwhile to do a comparison.
Can't be done as Tt can't accept values in some fields since the new tax rules for these sections have not yet been written/approved. And now the IRS is furloughed as part of the partial government shutdown.
Looks like many of us will be filing in mid-April assuming it takes that long for the Tax Code to be finalized.
I'm not sure if all of those "alpha" Schedules are still valid.
The new 1040 Form references the Schedules 1 thru 5 for Itemized Deductions, and Cap Gain/Loss etc. You'll have to wait til the IRS finalizes all this.
We have filed a Schedule A, a Schedule C, a Schedule E, and a Schedule F every year for many years.
I doubt it will change much this year.
Quote:
Originally Posted by FiveLoaves
I'm not sure if all of those "alpha" Schedules are still valid.
The new 1040 Form references the Schedules 1 thru 5 for Itemized Deductions, and Cap Gain/Loss etc. You'll have to wait til the IRS finalizes all this.
He wouldn't shut down the IRS......would he ??
The Schedules mentioned by Submariner are still valid for TY2018.
Yeah, I usually wait til March to buy my Turbo Tax, it's gotta be stable by then. My Estimated Tax is figured close enough that it's only $100 going to them or coming to me. It cracks me up -- those folks who think that a big refund check is free money from the IRS.
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