The 2018 Form 1040 is NOT a postcard

The 2018 Form 1040 is NOT a postcard

More Tax Forms & More Complex, not Less

Don’t be tricked by talk of a new tax “postcard”!   It is NOT a postcard.

The IRS has taken the main 2 pages of Form 1040 & turned it into 8 pages. Yes, 8!!!!   
There are now an additional 6  NEW schedules that didn’t exist before 2018.
This is in addition to still having Schedules A, B, C, D, E, F, G and H.
Have Income or want to take an adjustment to income?  That’s a NEW separate schedule!
Want to figure out what your tax is?  That’s a NEW separate schedule!
Eligible for a credit?  Education, childcare, energy, etc? That’s a NEW separate schedule!
Need to report self employment tax?  That’s a NEW separate schedule!
Need to report that you had the required health insurance & avoid paying a penalty?  That’s a NEW separate schedule!
Made estimated tax payments? That’s a NEW separate schedule!
Have an overpayment for 2017 you carried forward that you want credit for?  That’s a NEW separate schedule!
etc, etc. etc-there is probably a new schedule for that.
There are lots of new schedules and new rules and requirements this year.

If anything, taxes are MORE complex than last year.
There is a NEW Business Deduction that you may qualify for if you have self employment income, pass through income from a Partnership, S Corporate, Trust or Estate and possibly for rental property. This is a complex computation.   Depreciation rules are ever changing as is the Alternative Minimum Tax.

Please refer your family and friends who may have self prepared in the past.

Linda Reinhardt