Paul L. Caron

Sunday, December 16, 2018

IRS Releases New Shorter Form 1040 For 2018, With Six New Schedules

IRS, About Form 1040, U.S. Individual Income Tax Return:

For Tax Year 2018, you will no longer use Form 1040A or Form 1040EZ, but instead will use the redesigned Form 1040. Many people will only need to file Form 1040 and no schedules.

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However, if your return is more complicated (for example you claim certain deductions or credits, or owe additional taxes) you will need to complete one or more of the new Form 1040 Schedules. Below is a general guide to what Schedule(s) you will need to file, based on your circumstances. See the instructions for the Schedules for more information.

A general guide to what Schedule(s) you will need to file. (See the instructions for the Schedules for more information.)

Have additional income, such as capital gains, unemployment compensation, prize or award money, gambling winnings. Have any deductions to claim, such as student loan interest deduction, self-employment tax, educator expenses. Schedule 1
Owe AMT or need to make an excess advance premium tax credit repayment. Schedule 2
Can claim a nonrefundable credit other than the child tax credit or the credit for other dependents, such as the foreign tax credit, education credits, general business credit. Schedule 3
Owe other taxes, such as self-employment tax, household employment taxes, additional tax on IRAs or other qualified retirement plans and tax-favored accounts. Schedule 4
Can claim a refundable credit other than the earned income credit, American opportunity credit, or additional child tax credit. Have other payments, such as an amount paid with a request for an extension to file or excess social security tax withheld. Schedule 5
Have a foreign address or a third party designee other than your paid preparer. Schedule 6

IRS News, Tax | Permalink


Paul Ryan promised that we could file our taxes on a postcard. It just takes a pack of them.

anon: The 1040EZ won't require the additional schedules, and the higher standard deduction will make itemization unnecessary for every "working stiff," thus reducing preparation costs and likely making it possible to prepare without a tax professional.

Posted by: Woody | Dec 17, 2018 7:22:54 PM

So the working stiff who used to pay $100 for a 1040EZ prepared by the local tax return mill will now be paying $100 plus $75 for each *schedule* now required.

Posted by: anon | Dec 17, 2018 10:36:06 AM

Sometimes you have to make a form much more complicated to simplify it.

Posted by: William Garrison | Dec 17, 2018 9:12:17 AM

Severely conservative & proud Trump voter here. Not a fan of this.

Posted by: One | Dec 16, 2018 5:42:05 PM