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 » My medical costs are huge each year: are those costs for medical care, prescriptions, etc still deductible if you Itemize deductions? – Thanks Reply The article mentions interest on Home Equity Lines of Credit are deductible. Can you confirm that for me? I was to understand that the maximum value available to deduct from your property taxes, and mortgage interest combined would be $10,000, and that any interest on HELOC, Home Equity Loans, and home renovations are NOT to be deductible. Reply The Taxcaster is nice, but it would be a very cool addition to the Turbotax product, where it could start with the 2017 data and then offer reasonable predictions for 2018. Reply What about unreimbursed business deduction? will they still be deductible? Reply If I have a 17 year old in college will I be able to claim head of household? What about a domestic partner with no taxable income? Reply Is there a way to claim/deduct a 21 year old that is not in school or working (but not disabled). Reply What about EIC and child tax credit. How will that work? Reply Is the new form available for view? Reply Since most people will have just the standard deduction and not go long form, will the prices through Turbo Tax be less? Or should we start doing the tax return ourselves? Reply If you are single or widow, how much is standard deduction for them Reply what about people over 65 Reply What happens head of household? And grandparents raising grandchildren? Reply Will mileage and hotel expenses and union dues stull be deductable? Reply which version of Turbotax works best with stocks and especially K-1 and its calculations? Reply So the child tax credit is way less that what it used to be ? Reply If you have over $1500 in bank interest, do you still need to do a Schedule B or another supplementary form? Reply I am a federal retiree and for the past two years I had to add special forms to document my retirement earnings. Does the new standard deduction form still require these forms? And if so, will I still be allowed to file utilizing just the standard deduction and not itemizing because I do not earn enough to support an itemized return? Reply Okay, I’m still totally confused. Married filing jointly you get the $24, 000 deduction. On top of that do we also get our property tax + state income tax, not to exceed $10,000 each, so in our case 24,000+ 6,000+10,000 for a total deduction of $40,000? Thanks. Reply Which form will be required when you have capital gains? Reply Is it true, this year you cannot deduct milage when you travel for work? Like for outside sales reps, district managers etc.? Reply Greetings, Is there any way to view changes in 2018 Schedule C deductions involving independent contractors, home offices, mileage, etc? I cannot locate forms anywhere and it is almost August. I am just trying to see what remains from 2017. Thanks Reply Lisa, I have a serious concern with Turbo Tax and my tax filing for 2015. I’ve been given the round around as well as bring placed on hold for and hour and ten minutes to discuss my concerns with so called tax experts with Turbo–no one answered. Is there a direct line or office that you can direct me to discuss my issues so I can get an explanation as to why IRS asked for an additional $1,525.00 for my 2015 taxes when Turbo Tax claimed I only owed $576.00? I SINCERELY Appreciate any assistance with this ordeal? Thank you for reading about my concern. I hope to get a reply with the needed guidance as to who can help me with my problem. Reply I’m a truck driver. Is are per diem going to be taken away when filing taxes in 2019 for tax year 2018 Reply So there is no dependent tax credit anymore Reply Have a question regarding medical expense deductions, as I was under the impression that it was no longer able to be done. If you pay over 12000 per year in health insurance and over 3-4000 in medications and copay, I do not get to claim that? + Reply I travel about 30,000 miles a year for work and do not get reimbursed. I’ve always been able to get mileage deductions on my itemized return. Will I still be able to do that? Reply Lisa, In past years, retired people who have IRA accounts, and are also >70.5 yr. old and therefore are subject to required minimum distributions (RMDs) from these IRAs, could direct their IRA Custodian to make distributions to Qualified Charitable Organizations (QCDs). These QCDs would count towards the RMD, but not be included in taxable income. Will that still be the case for the 2018 Tax Year? Reply Would I still be able to write off working expenses? Reply The 20% self employment income for married filing joint earning under $315k. Is that 20% of net or gross SE income ? Reply I bought a car , well actually financed a car, do I get to deduct anything from that? Reply My employer only pays me .32 per mile transportation. Can I claim the different on the up coming taxes? Reply What will the standard deduction be for Married Filing Separately? Will it be $12,000 or $24,000? Reply How will the new tax laws affect my business as far as what I can or can’t write off as business expenses? or supplies that I am always buying? Thank You Reply I would like to know if I’m eligible to claim my son on our taxes as married filing jointly with my husband my son is 22 lives with us for the entire year and is unemployed? Also I’m a part time sales associate and the place I work hasn’t taken any federal out of my checks according to my records. Am I not eligible because I’m part time? Reply Duel citizenship while working and residing in Canada. You still are required to fill out yearly tax schedule even though you have no income from the USA? Its unbelievably expensive ohhhve to find a qualified person to do paperwork in filing. Please advise. Thank.you. Reply Can I claim my 19 year old as a qualifying child for the earned income credit if I pay for all of his support and he isn’t working? Reply I will be switching my filling status to single instead of head of household. How will that affect me? Reply Will the dependent credit change and there was suppose to be a deduction for stay at home mothers, is that true? Reply So if you take care of a parent or a family you can’t use them for a deduction ? Reply If you’re a transportation employee, will you still be able to claim meal per diem for your 2018 taxes? Reply How about for those who are paying back for the IRS,according to what i heard from other tax preparers saying that, “there will be no more paying back!” And this is not fair us people whose been paying the IRS for making alot! And as for those people with foodstams they’re using their foodstamps to buy drugs and some other illegal stuffs which aren’t supposed to be used for! Pardon me for bringing this up but my question is are we “people whom owe IRS” still going to pay back while others sits back and relaxed because they dont make as much as we people whom work very hard and that is soooo not fair? Thank you! 🐌🦋🐳🐠🐓🌴🌺🌞🌻🌤 Reply How will rental income deductions be handled on New tax law? Reply Can teachers get credit for the items purchased for classrooms and students? Reply Am I too understand that there are no more personal and dependent (i.e. children) deductions? So a married couple with no children get $24,000 deductible as those with children? Reply When will TurboTax have the 2018 tax return software available so we can do some tax planning? Reply under the new tax laws, do I need to file a return if only income is from social security. Reply Head of household deduction? Reply 1. Will the Taxcaster compare your 2017 return to 2018. That is can it use your 2017 numbers,and tell you how much you would have saved/refunded using the 2018 laws? I would like to know . 2. For the on line Turbo CPA what is the fee and can you call several times or just once? Reply Do you claim alimony Reply I am still trying to find out if there were any changes made to the worksheet that is used to calculate how much of a persons Social Security might be taxable. I haven’t been able to find any information on this topic. 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My medical costs are huge each year: are those costs for medical care, prescriptions, etc still deductible if you Itemize deductions? – Thanks Reply
The article mentions interest on Home Equity Lines of Credit are deductible. Can you confirm that for me? I was to understand that the maximum value available to deduct from your property taxes, and mortgage interest combined would be $10,000, and that any interest on HELOC, Home Equity Loans, and home renovations are NOT to be deductible. Reply
The Taxcaster is nice, but it would be a very cool addition to the Turbotax product, where it could start with the 2017 data and then offer reasonable predictions for 2018. Reply
If I have a 17 year old in college will I be able to claim head of household? What about a domestic partner with no taxable income? Reply
Is there a way to claim/deduct a 21 year old that is not in school or working (but not disabled). Reply
Since most people will have just the standard deduction and not go long form, will the prices through Turbo Tax be less? Or should we start doing the tax return ourselves? Reply
If you have over $1500 in bank interest, do you still need to do a Schedule B or another supplementary form? Reply
I am a federal retiree and for the past two years I had to add special forms to document my retirement earnings. Does the new standard deduction form still require these forms? And if so, will I still be allowed to file utilizing just the standard deduction and not itemizing because I do not earn enough to support an itemized return? Reply
Okay, I’m still totally confused. Married filing jointly you get the $24, 000 deduction. On top of that do we also get our property tax + state income tax, not to exceed $10,000 each, so in our case 24,000+ 6,000+10,000 for a total deduction of $40,000? Thanks. Reply
Is it true, this year you cannot deduct milage when you travel for work? Like for outside sales reps, district managers etc.? Reply
Greetings, Is there any way to view changes in 2018 Schedule C deductions involving independent contractors, home offices, mileage, etc? I cannot locate forms anywhere and it is almost August. I am just trying to see what remains from 2017. Thanks Reply
Lisa, I have a serious concern with Turbo Tax and my tax filing for 2015. I’ve been given the round around as well as bring placed on hold for and hour and ten minutes to discuss my concerns with so called tax experts with Turbo–no one answered. Is there a direct line or office that you can direct me to discuss my issues so I can get an explanation as to why IRS asked for an additional $1,525.00 for my 2015 taxes when Turbo Tax claimed I only owed $576.00? I SINCERELY Appreciate any assistance with this ordeal? Thank you for reading about my concern. I hope to get a reply with the needed guidance as to who can help me with my problem. Reply
I’m a truck driver. Is are per diem going to be taken away when filing taxes in 2019 for tax year 2018 Reply
Have a question regarding medical expense deductions, as I was under the impression that it was no longer able to be done. If you pay over 12000 per year in health insurance and over 3-4000 in medications and copay, I do not get to claim that? + Reply
I travel about 30,000 miles a year for work and do not get reimbursed. I’ve always been able to get mileage deductions on my itemized return. Will I still be able to do that? Reply
Lisa, In past years, retired people who have IRA accounts, and are also >70.5 yr. old and therefore are subject to required minimum distributions (RMDs) from these IRAs, could direct their IRA Custodian to make distributions to Qualified Charitable Organizations (QCDs). These QCDs would count towards the RMD, but not be included in taxable income. Will that still be the case for the 2018 Tax Year? Reply
The 20% self employment income for married filing joint earning under $315k. Is that 20% of net or gross SE income ? Reply
My employer only pays me .32 per mile transportation. Can I claim the different on the up coming taxes? Reply
What will the standard deduction be for Married Filing Separately? Will it be $12,000 or $24,000? Reply
How will the new tax laws affect my business as far as what I can or can’t write off as business expenses? or supplies that I am always buying? Thank You Reply
I would like to know if I’m eligible to claim my son on our taxes as married filing jointly with my husband my son is 22 lives with us for the entire year and is unemployed? Also I’m a part time sales associate and the place I work hasn’t taken any federal out of my checks according to my records. Am I not eligible because I’m part time? Reply
Duel citizenship while working and residing in Canada. You still are required to fill out yearly tax schedule even though you have no income from the USA? Its unbelievably expensive ohhhve to find a qualified person to do paperwork in filing. Please advise. Thank.you. Reply
Can I claim my 19 year old as a qualifying child for the earned income credit if I pay for all of his support and he isn’t working? Reply
I will be switching my filling status to single instead of head of household. How will that affect me? Reply
Will the dependent credit change and there was suppose to be a deduction for stay at home mothers, is that true? Reply
If you’re a transportation employee, will you still be able to claim meal per diem for your 2018 taxes? Reply
How about for those who are paying back for the IRS,according to what i heard from other tax preparers saying that, “there will be no more paying back!” And this is not fair us people whose been paying the IRS for making alot! And as for those people with foodstams they’re using their foodstamps to buy drugs and some other illegal stuffs which aren’t supposed to be used for! Pardon me for bringing this up but my question is are we “people whom owe IRS” still going to pay back while others sits back and relaxed because they dont make as much as we people whom work very hard and that is soooo not fair? Thank you! 🐌🦋🐳🐠🐓🌴🌺🌞🌻🌤 Reply
Am I too understand that there are no more personal and dependent (i.e. children) deductions? So a married couple with no children get $24,000 deductible as those with children? Reply
1. Will the Taxcaster compare your 2017 return to 2018. That is can it use your 2017 numbers,and tell you how much you would have saved/refunded using the 2018 laws? I would like to know . 2. For the on line Turbo CPA what is the fee and can you call several times or just once? Reply
I am still trying to find out if there were any changes made to the worksheet that is used to calculate how much of a persons Social Security might be taxable. I haven’t been able to find any information on this topic. Reply