TAX SERVICES UNLIMITED

How do I know if I need to file more than the Form 1040? The 2018 Form 1040 uses a "building block" approach so the federal tax return could be reduced to a single, simple form. Taxpayers can supplement this form with new numbered schedules, if needed. These new schedules are: 

Form 1040 (Schedule 1), Additional Income and Adjustments to Income Taxpayers use this schedule to report items such as capital gains, unemployment, compensation, prize or award money, gambling winnings or to claim deductions, such as student loan interest deduction, self-employment tax and educator expenses.

Form 1040 (Schedule 2), Tax Taxpayers use this schedule to report amounts they owe for the Alternative Minimum Tax (AMT) or when they need to make an excess advance premium tax credit repayment.

Form 1040 (Schedule 3), Non-refundable Credits Taxpayers use this schedule to claim a nonrefundable credit other than the child tax credit or the credit for other dependents, such as the foreign tax credit, education credits, general business credit.

Form 1040 (Schedule 4), Other Taxes Taxpayers use this schedule to report other taxes they owe and must pay, such as self-employment tax, household employment taxes, additional tax on IRAs or other qualified retirement plans and tax-favored accounts. 

Form 1040 (Schedule 5), Other Payments and Refundable Credits Taxpayers use this schedule to claim a refundable credit other than the earned income credit, American opportunity credit, or additional child tax credit or have other payments, such as an amount paid with a request for an extension to file or excess social security tax withheld. 

Form 1040 (Schedule 6), Foreign Address and Third-Party Designee Taxpayers who have a foreign address or a third-party designee (other than a paid preparer) use this schedule to report this information. 4. Will filing the 2018 Form 1040 be different? With nearly 90 percent of people now using tax software, the IRS expects these changes will be seamless for taxpayers who take advantage of the benefits of e-filing, and the IRS expects e-file use to continue to increase.