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Guess the first time they tried this, they did not succeed and it did not go so well so they are trying again.\u00a0 Last year a postcard- this year…<\/p>\n
The IRS revealed that the 1040 will have several changes for the coming tax season. First, the 1040 is being enlarged to allow more information to be entered vs. being entered on a supporting schedule. The 1040 will be approximately 25% larger. Also, three of the six schedules have been eliminated by combining certain items or moving them back to the 1040.<\/p>\n
The first page of the 1040 will now have space for the taxpayer to enter a foreign address, as opposed to it being located on Schedule 6. Certain income items have been relocated to the first page of the 1040, including a line to report Capital gain or (loss). The signature lines for the Primary Filer, Spouse and Paid Preparer are now located at the bottom of the second page of the 1040. Also, Third Party Designee information has been added back to the second page of the 1040.<\/p>\n
The layout of the new 1040 and the three remaining schedules are different than last year\u2019s forms. The Standard Deduction section has been expanded, making it easier to identify when a taxpayer is eligible for the additional standard deduction due age or blindness. There is now a spot the taxpayers E\u2010mail address and phone number in the signature section. The remaining schedules have appropriately been re\u2010numbered, beginning with 1. Previously, the numbering was confusing and despite their intent, was of little help.<\/p>\n
(Schedule 1) \u2010 Additional Income and Adjustments to Income\u00a0<\/strong>have been renumbered but basically remains the same. The only real difference is, alimony now requires the taxpayer to enter the date of the divorce.<\/p>\n (Schedule 2)\u00a0<\/strong>Is now\u00a0Additional Taxes<\/strong>. It combines last year\u2019s Schedule 2 \u2013 Tax and Schedule 4 \u2013 Other Taxes into a single schedule.<\/p>\n (Schedule 3)\u00a0<\/strong>Is now called\u00a0Additional Credits and Payments.\u00a0<\/strong>Schedule 3 now combines\u2014 Nonrefundable Credits and Schedule 5\u2014Other Payments and Refundable Credits.<\/p>\n The latest version of the re\u2010designed Form 1040 and Schedules 1\u20103 are posted in the\u00a0draft forms<\/a><\/u><\/strong>\u00a0section on IRS.gov.<\/p>\n","protected":false},"excerpt":{"rendered":" Guess the first time they tried this, they did not succeed and it did not go so well so they are trying again.\u00a0 Last year a postcard- this year… The IRS revealed that the 1040 will have several changes for the coming tax season. First, the 1040 is being enlarged to allow more information to … <\/p>\n