Form 1040 is the basic tax form everyone who pays taxes must fill out when filing Federal income taxes. Today, there’s just a single version of Form 1040.
Depending on your tax situation, you may need to attach other forms and schedules to your 1040.
Why Do I Need to File Form 1040?
When you file your taxes, you’ll report your income for the year on Form 1040. All tax filers will use the same form. The previous forms, such as 1040EZ and 1040A, are no longer valid.… Read the rest
For the upcoming tax season, the IRS Form 1040 has changed forever. This goes back to the Tax Cuts and Jobs Act (TCJA), where Americans with simple tax affairs can file their taxes on a form that’s the size of a large postcard.
However, it should be said that online tax filers may not notice any changes at all, so they won’t need to do anything different.
The IRS has worked in collaboration with many tax preparation partners and brands to ensure these changes go through as easily as possible.… Read the rest
The IRS has a tax form for every occasion. One quick search on the IRS website will promptly bring up over 900 different results. Most of these forms are for extreme niches, and you don’t need to know about them. But there are 10 forms you do need to be aware of before you file your taxes.
Three of these forms will likely be sent to you in advance. These are the W-2, 1098, and 1099, based on your employment status.… Read the rest
The IRS announced in June 2018 that a new 1040 tax form would be released for the 2019 tax year. This initiative goes all the way back to Donald Trump’s campaign trail in 2016, where he wanted to make filing taxes as “simple as sending a postcard.” Well, it looks like he will get his wish based on the latest design draft provided by the IRS.
What Has Changed on the 1040 Tax Form?
Taking a glance, we can immediately see that the new form is about “half the size” of the current 1040 form.… Read the rest
What is the New IRS 1040 Form?
The IRS has been working on a newly designed version of the Tax Form 1040. The new form will consolidate the former three forms into a simpler, shorter version of the original.
The new changes do away with the original 1040ez and 1040a form and adds new supporting schedules.
If you plan to claim the standard deduction, the new 1040 is all you will need to file. However, if you plan to itemize, you will need to file additional schedules with your 1040.… Read the rest