Form 1040, which many taxpayers use to file their returns, has been modified. This Fort Collins tax accountant is happy to report that it is much shorter. Now fitting on the front and back of half a sheet of paper, it is roughly the size of a postcard.
Key Considerations with New Form 1040
As you work on your tax return, here are a few things to note about the new Form 1040:
If you previously used form 1040-EZ and 1040-A, you will now use the new Form 1040.
- While the new form is shorter, many of its lines have been moved to six new schedules that you may have to submit along with it. They cover information like other sources of income, other forms of taxes, etc.
- As a result of the Tax Cuts and Jobs Act, miscellaneous deductions and personal exemptions have been eliminated and are not on the new form.
- The alimony deduction is now on Schedule 1 for 2018 but will then be eliminated.
These are just some of the changes. If you have questions about new Form 1040, we’re happy to answer them.
Form 1040 Has Changed — Our Attentive Service Hasn’t
Even as the tax code and tax forms evolve, you can be sure that as your Fort Collins tax accountant, our commitment to your satisfaction never changes. Contact Shaw & Associates CPAs and Financial Advisors to learn more about our services.