Author Topic: New DRAFT of US 1040 tax form for 2018  (Read 833 times)

markbike528CBX

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New DRAFT of US 1040 tax form for 2018
« on: October 24, 2018, 11:14:23 PM »
There is a draft of the new 1040 form for 2018 with accompanying instructions available at IRS.gov.
https://www.irs.gov/pub/irs-dft/f1040--dft.pdf

Has anyone seen, or gone through it for gotchas? 

I've seen some fairly recent questions/answers on this subforum that assume no changes.

Also 1040A and 1040EZ are not used for 2018.  There are new schedules 1,2,3etc, which I haven't seen yet.

I'm in the process of rebuilding my tax spreadsheet. Dang, my old one was debugged pretty well.
« Last Edit: October 25, 2018, 12:06:19 AM by markbike528CBX »

Sibley

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #1 on: October 25, 2018, 08:29:11 AM »
Um, where do rentals/businesses go? Line 6, from Sch 1?

Well, I guess my tax prep efforts this year just got allocated a lot more time. My stuff isn't too bad. My parent's on the other hand.....

terran

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #2 on: October 25, 2018, 09:19:41 AM »
Um, where do rentals/businesses go? Line 6, from Sch 1?

Well, I guess my tax prep efforts this year just got allocated a lot more time. My stuff isn't too bad. My parent's on the other hand.....

Yes, business income and rental income both end up on Schedule 1. That's also were IRA deductions end up.

This whole "simplified" filing thing seems to be some kind Orwellian boon to the tax filing industry. Simplification is complication -- yay!

MDM

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #3 on: October 25, 2018, 10:39:28 AM »
See Draft Tax Forms for all(?) the others.

Probably not all yet, but at least most of the commonly used ones seem available.

Spreadsheets do tend to be personal, but the case study spreadsheet can be used for "worked examples" of various parts of the tax calculations if desired.

Sibley

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #4 on: October 25, 2018, 01:58:46 PM »
Um, where do rentals/businesses go? Line 6, from Sch 1?

Well, I guess my tax prep efforts this year just got allocated a lot more time. My stuff isn't too bad. My parent's on the other hand.....

Yes, business income and rental income both end up on Schedule 1. That's also were IRA deductions end up.

This whole "simplified" filing thing seems to be some kind Orwellian boon to the tax filing industry. Simplification is complication -- yay!

I'm a CPA, I used to do taxes for a living. So while I'm rusty, I'm equipped to handle this. I'll just be spending a bunch of time reading the forms and instructions so I know how it flows. While they redid forms, the general "how it works" hasn't really changed. I feel bad for everyone else who doesn't have the training.

Sugaree

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #5 on: October 25, 2018, 02:41:20 PM »
Nevermind, went back and read it again. 
« Last Edit: October 25, 2018, 03:17:37 PM by Sugaree »

terran

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #6 on: October 25, 2018, 02:46:36 PM »
Um, where do rentals/businesses go? Line 6, from Sch 1?

Well, I guess my tax prep efforts this year just got allocated a lot more time. My stuff isn't too bad. My parent's on the other hand.....

Yes, business income and rental income both end up on Schedule 1. That's also were IRA deductions end up.

This whole "simplified" filing thing seems to be some kind Orwellian boon to the tax filing industry. Simplification is complication -- yay!

I'm a CPA, I used to do taxes for a living. So while I'm rusty, I'm equipped to handle this. I'll just be spending a bunch of time reading the forms and instructions so I know how it flows. While they redid forms, the general "how it works" hasn't really changed. I feel bad for everyone else who doesn't have the training.

Yeah, I ran through a demo of what our taxes should look like this year. It's not bad as long as you go through step by step, but the switching between schedules seems totally pointless and the opposite of the stated purpose of the simplification. The old 1040 was definitely easier.

dandarc

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #7 on: October 25, 2018, 03:02:26 PM »
How drafty are draft forms usually? Simplified the 1040 itself by adding a whole layer of additional schedules. I guess they're trying to get the most common returns down to 1 page - if all you've got going on is W-2 income, interest, and maybe a couple of kids, this is probably simpler.

Sibley

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #8 on: October 25, 2018, 08:09:25 PM »
How drafty are draft forms usually? Simplified the 1040 itself by adding a whole layer of additional schedules. I guess they're trying to get the most common returns down to 1 page - if all you've got going on is W-2 income, interest, and maybe a couple of kids, this is probably simpler.

Draft - sure play with them, but don't rely on them yet.

We used to have the 1040, 1040A, and 1040EZ. All they did is get rid of the 1040A and 1040EZ and try to make the 1040 as short as the EZ. It's going to be a pain to review I think.

seattlecyclone

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #9 on: October 26, 2018, 02:20:40 PM »
I think it's just the fulfillment of a campaign promise to allow taxes to be done on a postcard. They didn't actually simplify the tax code, but they did identify a postcard-sized set of lines from the old tax form that will be enough for a lot of people, and added more forms for the rest of us.

Acastus

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #10 on: October 29, 2018, 03:50:59 PM »
The "simplified" 1040 is based on the crazed insistence that it now fit on a post card, albeit a 2 sided oversized one. That means half the info now needs to get listed on another form. Having more schedules so you can have a smaller front page is mental.

DS

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Re: New DRAFT of US 1040 tax form for 2018
« Reply #11 on: October 30, 2018, 07:50:00 AM »
The "simplified" 1040 is based on the crazed insistence that it now fit on a post card, albeit a 2 sided oversized one. That means half the info now needs to get listed on another form. Having more schedules so you can have a smaller front page is mental.

It's all getting to be bs anyway at this point with most filing done electronically. As a preparer, I don't really care about the output presentation as much as the overall outcome. Somewhat annoying but oh well. Not actually any more pages being printed, all going into a PDF. The input will most likely be the same / similar.