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New Tax Forms – What Changed?

Learn about the updated Form 1040 and schedules for 2017 & 2018, including new deduction rules, filing statuses, and requirements for Head of Household. Get insights to navigate the latest tax forms effectively.

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New Tax Forms – What Changed?

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  1. New Tax Forms – What Changed? April 4, 2019

  2. Theresa Grover Accounting Instructor Northeast Wisconsin Technical College Theresa.grover@nwtc.edu Associate Lecturer University of Wisconsin – Green Bay grovert@uwgb.edu

  3. 2017 Tax Forms

  4. New Form 1040

  5. Form 1040 – page 1 First page is personal information and dependent information. Signature for paper filing is also now on first page.

  6. Form 1040 – page 2 Schedule 1 Schedule 2 Schedule 3 Schedule 4 Schedule 5

  7. Used to be lines 10 – 14 & 17 – 19 & 21 from old Form 1040 Form 1040 - Schedule 1 Bottom part of old Form 1040 – Deductions for AGI

  8. Form 1040 - Schedule 2 Old Form 1040, page 2, lines 45-47

  9. Form 1040 - Schedule 3 Old Form 1040, page 2, lines 48 - 55

  10. Form 1040 - Schedule 4 Old Form 1040, page 2, lines 57 - 63

  11. Form 1040 - Schedule 5 Old Form 1040, page 2, lines 66 & 77-74

  12. Form 1040 - Schedule 6

  13. Earnings (wages, salaries, tips, etc.) Questions about earnings: 2017 return: Form 1040 - lines 7 + 12 +18 + box 14 (code A) Schedule K-1, Form 1065 2018 return: Form 1040, line 1, Schedule 1, line 12 + 18, Schedule K-1 Box 14 (Code A)

  14. Other changes for 2018 • No deduction allowed for exemptions • Standard deduction increased * Adjusted partially to make up for exemption deduction being removed

  15. Filing Status

  16. Married Filing Separately • Tax rates are highest for the married filing separately filing status • Some taxpayers choose the married filing separately filing status so that one spouse will not be responsible for the other spouse’s tax liability • Education Credits are disallowed • Earned Income Credit is disallowed

  17. Head of Household Usually applies to unmarried taxpayers, but can apply to “abandoned spouses” who are married, but are treated as unmarried for purposes for filing Head of Household • Abandoned spouse is married and: • Lives apart from his/her spouse for the last half of the tax year, and • Pays over 50% of the household costs where the taxpayer and a dependent son or daughter live.

  18. Head of Household (continued) For unmarried persons, Head of Household filing status requires that either of the following criteria be met: • The taxpayer pays over 50% of the household costs where, for over half of the year, the taxpayers lives with a : • “Qualifying child”, or Dependent relative • The taxpayer pays over 50% of a dependent parent’s household costs. (dependent parent does not have to live with the taxpayer)

  19. Questions?

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