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New 1040 Tax Form Could Simplify Your Life...Or Not

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New 1040 Tax Form Could Simplify Your Life...Or Not

New 1040 Tax Form Could Simplify Your Life...Or Not

A new tax form could simplify your life, or it could make it more complicated.

Elizabeth Keatinge has more.

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New 1040 Tax Form Could Simplify Your Life...Or Not

New year, new tax forms.??This new base Form 1040 for your 2018 tax return may simplify your life, or it may not, according to MarketWatch.??It’s postcard sized, but that’s only if your tax situation is very simple.??If your situation is more complicated than that, the new form is actually something new to learn.??You may need to fill out some supplemental forms, like a new schedule 1 for additional income, new schedule 2, if you owe the alternative minimum tax or have to repay excess advance Obamacare premium tax credits that were sent to your health insurance company.

There’s also the new schedule 4 for other taxes such as a penalty tax on early retirement withdrawals or not having Obamacare-compliant health insurance, medicare care tax and the net investment income tax on higher-income earners, , and new schedule 5 for other payments and refundable credits.??New schedule 6 is if you have a foreign address or want to allow another person other than your paid preparer to discuss your return with the IRS.??And if that wasn’t enough, you may still need to file some old-school schedules.??That’s a lot to figure out, right???Even if you get everything in on time, experts tell CNBC that with the government shutdown, they expect this tax season to be a mess.

And That’s what you pay your accountant for!??




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