We’ve been hearing for months that there are big changes to the tax forms. While it’s true there are several changes, if you file electronically, you may not notice them.
The IRS has laid out the top five things you need to know about the new form:
- The 2018 Form 1040 replaces the following forms:
- 1040
- 1040A
- 1040EZ
- Forms 1040A and 1040EZ are no longer available. ..period.
- The new 1040 uses an approach that allows taxpayers to add only the schedules they need for their tax return.
- The most commonly used lines on the prior forms are still there. Other lines have been moved to new schedules and are organized by category.
- Income
- Adjustments to income
- Nonrefundable credits
- Taxes
- Payments and
- Refundable credits
- Many taxpayers will only need to file the new 1040 and no additional schedules. Those with more complicated returns will need to complete at least one of the schedules along with their 1040. These include people who claim certain deductions or credits, or those who may owe additional taxes.
For more information on the changes to tax filing, contact an HW&Co. tax advisor or go to www.IRS.gov
Principal
decker@hwco.com
