Navigating the New Form 1040 

January  11,  2019

We are here to help navigate the biggest tax overhaul in 30 years on a new Form 1040 with six new schedules. Now that the new Form 1040 is finalized, here are three main takeaways for this tax season:

 

The Main Form is Shorter

Additional Schedules Will Likely Be Required.

 

The new Form 1040 may appear to be simpler, but the filing process is more complex. In fact, the instructions to help complete the new form checks in at 117 pages — 10 more pages than last year. Most of the same information from the previous year is still required, except now it’s spread over multiple schedules. Industry experts are planning for a 20 percent increase in tax prep time for this filing season.

 

Forms 1040A and 1040EZ Are No Longer Available.

 

If you previously filed with one of these forms, you will now be using the new Form 1040. In addition to learning the new form, there’s a good chance that you’ll need to add at least one of the new schedules to complete your tax return.

 

Filings Could Be Delayed.

 

Because of the vast changes in tax laws this year, additional IRS taxpayer guidance is expected throughout the filing season. Because of this, the U.S. Treasury Department put out a warning that there might be delays to the start to the filing season. The most recent government shutdown doesn’t help the situation. If filing season starts late, tax season condenses and refunds could be delayed

Contact Your CPA to start your financial planning.

Contact Your CPA to start your financial planning.

Bringing clarity to your financial world.™

Bringing clarity to your financial world.™