How To Find My Balance Owed To Irs

In December 2017, the Tax Cuts and Jobs Human action was passed in the Usa. This law made significant changes to the US revenue enhancement structure. The new IRS Federal Tax Forms 1040 Form released by the IRS reflects these changes.

Don't know how your tax filing may change for the 2018 tax yr? We've got yous covered. We'll tell you all you lot need to know well-nigh your IRS Federal Tax Forms 1040 filing. Read on to become prepare earlier tax season creeps on you.

What Is an IRS 1040 Form?

The IRS 1040 is the form used by United states taxpayers to file their annual income return. This form changed due to the new law passed by the government last year. The IRS released a temporary draft of the new IRS 1040 form to inform the public nearly how your 2018 tax year filing may change. Notwithstanding, the government agency expressed that the IRS 1040 form may be different from their published typhoon. According to them, these changes will simplify and streamline your revenue enhancement return filing.

Does the New 1040 Grade Have the Aforementioned Schedules?

While the new IRS Federal Taxation Forms 1040 Course simplifies your filing, you lot may have to file more than schedules than before. The new class establishes 6 new schedules. These schedules are labeled past numbers instead of letters. In addition to the 1040 Form, you may have to file ane or more of the following:

Schedule i for additional sources of income that aren't West-2 or adjustments to your income
Schedule 2 for other forms of taxes like a kid's unearned income
Schedule three for nonrefundable taxation credits
Schedule 4 to add taxes like cocky-employment, Medicare taxes, among others
Schedule 5 to add tax payments like the amounts paid with an extension or estimated tax payments
Schedule 6 to designate someone to hash out your taxation return with the IRS in your proper name

Exercise Y'all Need to File a 1040-EZ or 1040-A in 2019?

Last year, you had the option to file the complicated IRS 1040, 1040-EZ or 1040-A. For the revenue enhancement year 2018, you will only have to file the new IRS 1040 Form. This course eliminated Form 1040-EZ and 1040-A. Instead of filing the short or simple form, y'all will file the new 1040 and the applicable schedules. The new filing method will help y'all non forget deductions, claims or schedules yous must file. The IRS aimed to brand your revenue enhancement filing more understandable than before. Keep in mind that the grade may change from now to your tax filing. Information technology'due south recommended that you consult a tax professional for communication virtually your tax render filing and applicable schedules.

Can You Claim the Aforementioned Exemptions and Deductions in the New IRS 1040 Grade?

The Tax Cuts and Jobs Act eliminated some of the deductions and exemptions that y'all could claim last year. So while your tax filing may exist simpler, you lot may not exist eligible for as many claims as before. Here are some of the nearly notable deductions and exemptions that were eliminated for your 2018 tax year filing.

Alimony Deduction
Personal Exemption
Moving Expenses Deduction
Miscellaneous Deductions

Proceed in mind that these exemptions and deductions may vary when the IRS releases the final version of the 1040 Class for your 2018 tax year filing.

How Will You File Your IRS 1040 Course for Tax Year 2018?

The new 1040 IRS form will change your filing to make it simpler. You may recollect that you have to file differently from how you've washed before. However, you will have the same filing methods available as last yr. You may file your form using a tax grooming software, by mail service or eastward-filing. If you desire to mail your form, you should download printable IRS forms 1040 from the IRS website.

You should file your 1040 Course past April 15, 2019. Keep in mind that your time of filing may vary depending on your place of residence. If you're filing while you serve in the US Military in a combat zone or contingency operation, you may be eligible to file at a afterward date. Also, if you live in the state of Maine or Massachusetts, y'all have until April 17, 2019, to file due to the Patriot'southward Mean solar day holiday. If you don't file by your filing date, you may have to pay penalties and fees.

At start, you may recall the new IRS 1040 Form complicates your tax filing. But, it will simplify the process. It may take you some time to get used to the new form. If you use a tax return grooming software to file, yous may non observe any changes because the platform uses your answers to fill the grade. It's recommended that you pay attention to any new changes to the 1040 form and review the IRS forms 1040 instructions before filing your 2018 revenue enhancement yr return.