IRS Posts Draft of 2018 1040

Greetings All,

For anyone with an interest or a wish to comment the IRS has posted one of its rare drafts of the 2018 tax year 1040. Comments will be accepted within the time frame. My best,

www.irs.gov...

a reply to: airforce47

That is the 1040 Simplified. I won't be using that. Nor did I use the 1040A.

I will be using the 1040, because I will be itemizing deductions.

originally posted by: Phage
a reply to: airforce47

That is the 1040 Simplified. I won't be using that. Nor did I use the 1040A.

I will be using the 1040, because I will be itemizing deductions.

Does it take the place of the 1040 Easy?

originally posted by: airforce47
Greetings All,

For anyone with an interest or a wish to comment the IRS has posted one of its rare drafts of the 2018 tax year 1040. Comments will be accepted within the time frame. My best,

www.irs.gov...

I now see that this new "IRS 1040 Simplified" replaces ALL PRIOR 1040's.

Washington— Delivering on the promise to simplify taxes for the American people, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today announced that Americans will be able to fill out their individual income tax returns on a single postcard-size form for the 2019 tax season.

The 2018 IRS Form 1040 will replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ. The IRS circulated a copy of the new form and will work with the tax community to finalize the streamlined Form 1040 over the summer.

“As part of the historic Tax Cuts and Jobs Act, this Administration committed to making taxes simple and fair for American families. We are delivering on this promise,” said Secretary Steven T. Mnuchin. “The new, postcard-size Form1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers.”

Source: home.treasury.gov...

a reply to: carewemust

Since it seems to allow you to attach a schedule to obtain a child tax credit. No.

a reply to: carewemust

What the hell? Did the mortgage interest deduction disappear? It's not listed on the new Schedule 1.
www.irs.gov...

Those #ers.

a reply to: Phage

Yeah. I knew that was going away. But child tax credits are supposed to make up for it?

a reply to: Phage

When we bought our house in 2016 the mortgage company offered a plan that we pay 5k up front and would get tax credits each year for mortgage interest payments. We opted out because we were under the impression we would still benefit from the mortgage credit. I'll just have to wait and see how this works out next tax season. So far, I believe it works out for my family due to the child credits.

originally posted by: Phage
a reply to: carewemust

What the hell? Did the mortgage interest deduction disappear? It's not listed on the new Schedule 1.
www.irs.gov...

Those #ers.

You're jumping to conclusions, Phage. Up to $750K is still deductible. Google it.

a reply to: schuyler
That's what I thought.

But I can't see a line item for it on the new form(s).
Can you?

a reply to: Phage

Last I remember, it was still going to be on there but it was limited up to a certain amount.

a reply to: Phage

These are "drafts". They are still working on the forms. All of them might not be listed because they are not complete.

But yes, mortgage interest is still deductible:

The mortgage interest deduction is being retained for newly-purchased homes of up to $750,000, while remaining intact for existing homes.

home.treasury.gov...

a reply to: BlueAjah

Pretty major oops. Since for many, mortgage interest is what will make the difference between filing Schedule 1 or not.

originally posted by: Phage
a reply to: BlueAjah

Pretty major oops. Since for many, mortgage interest is what will make the difference between filing Schedule 1 or not.

It's a DRAFT, Phage. Notice all the lines that say "Reserved." I'm guessing one of those will be for the mortgage deduction. Is that really you, Phage? Did someone take over your account? These posts are not sounding like the Phage we know and love.

a reply to: schuyler

It's a stupid form.

And it's bigger than a postcard.

originally posted by: Phage
a reply to: schuyler

It's a stupid form.

And it's bigger than a postcard.

From the way it looks they are trying to discourage people from trying to itemize at all. I always try to itemize first to see if it goes over the standard deduction. But I am sure many people dont even try and this new form seems to be hammering that home hard.

a reply to: Pyle

TurboTax does that for me.

I haven't filled out a tax return (line by line) for 25 years. And I only mail it in when I owe money.

a reply to: Pyle

The standard deduction is higher, so many people may not need to itemize.
You always did need to complete a separate form to itemize, so that is not really different.

Same here. Turbo Tax is da bomb! It just does it, back fills everything and auto files. I usually owe 1040ES, but even that's automated. I haven't used the mail in years.

a reply to: BlueAjah

Some, certainly.

I will be itemizing. And with the loss of my property tax deduction, I don't think I'm going to see much of a decrease in my tax liability. If any decrease at all. With the reduced withholding, I might owe. I haven't crunched the numbers yet.


But then, I'm not a billionaire.