New tax form 1040: 4 things you need to know before submitting - ForumDaily
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New tax form 1040: 4 things you need to know before submitting

Закон о сокращении налогов и рабочих мест 2017 года внес много изменений в налоговую систему США. Одно большое изменение — новая Форма 1040, которую упростили.

Фото: Depositphotos

For those who have additional income, detailed deductions, tax benefits and not only introduced additional applications to the form.

Edition Go Banking Rates noted the fact 4 you need to know about the new form of 1040.

1. All taxpayers will use the new 1040 Form.

The new 1040 form replaced the three 1040 forms that were used in the past: 1040, 1040-A and 1040-EZ. All US taxpayers will now file the US Individual Income Tax Form 1040. Many taxpayers who have used the 1040 form in the past will have to submit additional schedules along with their return.

2. New form is shorter than before

Новая упрощенная форма требует, чтобы ваша личная информация — включая ваше имя, адрес, статус регистрации, а также ваша подпись – размещалась на первой странице. На второй странице всего 23 строки, куда вы будете вводить данные о своем доходе, сумму вычетов, налоги и кредиты.

3. You may need to fill in charts that you did not have before.

Since the 1040 form is simplified, you may need an additional schedule. If you earn additional income, such as capital gains or gambling winnings, or if you are claiming a deduction, such as a student loan or self-employment tax, you will need the 1 App. To get loans, such as a foreign tax credit or education loans, you will need an 3 chart. There are a total of six applications that are part of the 1040 Form, but you may not need them.

4. A new form of 1040 may not seem so new.

If you use tax reporting software, as almost 90 percent taxpayers do, you may not notice significant changes. Your tax software will complete the appropriate schedules for you. If you send an email, the change will be pretty smooth.

Recall that taxpayers they have a right get free help in preparing tax returns.

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