The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules.
Electronic filers may not notice these changes as the tax software will automatically use their responses to complete the Form 1040 and any needed schedules. For taxpayers who filed paper returns in the past and are concerned about the 2018 changes, this may be the year to consider the benefits of filing electronically.
While commonly used lines on the prior year form are still on the 2018 Form 1040, other lines are now Schedules 1 through 6 and organized by category. The six new numbered schedules are in addition to the existing schedules, such as Schedule A, Itemized Deductions, or Schedule C, Profit or Loss from Business.
Here’s a guide to help taxpayers determine what schedules they may need to file with the 2018 Form 1040:
Schedule 1, Additional Taxes and Adjustments to Income
Taxpayers use this schedule to report income or adjustments to income that can’t be entered directly on Form 1040. This includes capital gains, unemployment pay, prize money, and gambling winnings. This also includes the student loan interest deduction, self-employment tax, or educator expenses.
Taxpayers use this schedule to report nonrefundable credits other than the child tax credit or the credit for other dependents. These include the foreign tax credit, education credits, and general business credit.
http://wxccorporation.com/wp-content/uploads/2019/02/f92.jpg314798admin-wxchttp://wxccorporation.com/wp-content/uploads/2017/06/logo1.jpgadmin-wxc2019-02-28 04:19:392019-02-28 05:11:01New schedules with New Form 1040
A reliable accounting and bookkeeping firm that makes a difference by delivering great customer service, because we are partners in your growth.