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In December 2017, the Tax Cuts and Jobs Act was passed in the United States. This law made meaning changes to the US revenue enhancement construction. The new IRS Federal Revenue enhancement Forms 1040 Course released past the IRS reflects these changes.

Don't know how your tax filing may change for the 2018 tax year? We've got you covered. Nosotros'll tell y'all all yous need to know nearly your IRS Federal Revenue enhancement Forms 1040 filing. Read on to get ready before tax season creeps on you.

What Is an IRS 1040 Form?

The IRS 1040 is the class used by US taxpayers to file their almanac income return. This form changed due to the new law passed by the regime last year. The IRS released a temporary draft of the new IRS 1040 course to inform the public about how your 2018 tax year filing may change. Yet, the regime agency expressed that the IRS 1040 grade may exist unlike from their published typhoon. According to them, these changes will simplify and streamline your tax return filing.

Does the New 1040 Course Have the Same Schedules?

While the new IRS Federal Tax Forms 1040 Form simplifies your filing, you may have to file more schedules than before. The new form establishes 6 new schedules. These schedules are labeled by numbers instead of letters. In addition to the 1040 Form, y'all may have to file 1 or more of the post-obit:

Schedule one for additional sources of income that aren't W-ii or adjustments to your income
Schedule 2 for other forms of taxes like a child'southward unearned income
Schedule iii for nonrefundable tax credits
Schedule iv to add together taxes like self-employment, Medicare taxes, among others
Schedule 5 to add revenue enhancement payments similar the amounts paid with an extension or estimated tax payments
Schedule 6 to designate someone to discuss your revenue enhancement return with the IRS in your name

Do You Need to File a 1040-EZ or 1040-A in 2019?

Last year, you had the option to file the complicated IRS 1040, 1040-EZ or 1040-A. For the tax year 2018, you will only have to file the new IRS 1040 Grade. This class eliminated Form 1040-EZ and 1040-A. Instead of filing the curt or elementary form, you will file the new 1040 and the applicable schedules. The new filing method will assist you non forget deductions, claims or schedules you must file. The IRS aimed to make your tax filing more than understandable than before. Keep in mind that the class may alter from now to your tax filing. It'due south recommended that you consult a taxation professional for communication well-nigh your revenue enhancement render filing and applicable schedules.

Tin can You Claim the Same Exemptions and Deductions in the New IRS 1040 Grade?

The Tax Cuts and Jobs Act eliminated some of the deductions and exemptions that you could claim terminal year. Then while your tax filing may be simpler, you may non be eligible for as many claims as before. Hither are some of the virtually notable deductions and exemptions that were eliminated for your 2018 tax year filing.

Pension Deduction
Personal Exemption
Moving Expenses Deduction
Miscellaneous Deductions

Keep in listen that these exemptions and deductions may vary when the IRS releases the final version of the 1040 Form for your 2018 tax year filing.

How Will You lot File Your IRS 1040 Form for Taxation Year 2018?

The new 1040 IRS form volition modify your filing to make it simpler. You may think that you accept to file differently from how you've done before. Yet, you will have the same filing methods bachelor as last twelvemonth. You may file your form using a tax grooming software, by postal service or e-filing. If y'all want to mail your form, you should download printable IRS forms 1040 from the IRS website.

You should file your 1040 Form by April 15, 2019. Keep in listen that your time of filing may vary depending on your place of residence. If yous're filing while you serve in the US Armed forces in a gainsay zone or contingency performance, y'all may be eligible to file at a afterward date. Likewise, if you lot live in the state of Maine or Massachusetts, you have until April 17, 2019, to file due to the Patriot's Twenty-four hours holiday. If you lot don't file by your filing engagement, you lot may have to pay penalties and fees.

At offset, you may think the new IRS 1040 Class complicates your taxation filing. Just, information technology will simplify the process. It may take you some time to go used to the new class. If you use a tax return grooming software to file, you may non discover any changes because the platform uses your answers to fill the grade. It'southward recommended that you pay attention to any new changes to the 1040 form and review the IRS forms 1040 instructions before filing your 2018 tax yr return.