New USA IRS 1040 Form and Schedules and other things

[gk10002000]

Just a heads up to those that have not seen or looked yet.  Besides the new tax changes such as to the changes to the standard deductions/exemptions, the 1040 form now is geared to replace the 1040 EZ and the 1040 A.  The 1040 now has schedules to replace what used to be line items on the long 1040. 

[Puchaiyank]

Been using Turbo Tax for years now.  They keep a record of my old tax filings...can input data electronically from stock transactions...and one can easily input data into tax forms as it is received.  They have the responsibility to follow tax laws...you are responsible for inputting correct data...anyone can do this...why pay hundreds of dollars for an accountant to put your tax information on a form? 

[gk10002000]

34 minutes ago, Puchaiyank said:

Been using Turbo Tax for years now.  They keep a record of my old tax filings...can input data electronically from stock transactions...and one can easily input data into tax forms as it is received.  They have the responsibility to follow tax laws...you are responsible for inputting correct data...anyone can do this...why pay hundreds of dollars for an accountant to put your tax information on a form? 

I don't pay an accountant.  I have done my own taxes since 1982.  In general mine are easy, even though I have a fair amount of dividends and interest and a few stock/fund transactions a year, I only need just a few schedules such as schedule D for capital gains, Schedule B because the interest I get is fairly large, and then some qualified dividend calculations, some interest, etc.  I don't itemize so there really isn't that much to do.  As an engineer the math is trivial and I like to keep an eye on the IRS and read things instead of just handing things off to somebody else.  I only use the IRS PDF fillable forms and double check my entries on an excel spreadsheet.  It never takes me more than a few hours, then an hour or so to double check things.  Do that once a year and no big deal.  Every year I have gotten my paper filed return by mail in less than one month, and the refund is direct deposited in my bank.  Could I use turbo or the others?  Yes.  But for 30 + years I have had no issues doing it my way.

[Thailand J]

The 12 year old in the White House has simplified the IRS Form 1040...by cutting it into pieces.

There are 6 new tiny little schedules, some of them have only one or two lines.

I am not joking: you enter half of your Thai address on page 1, and the second half on schedule 6.

 

13 years ago my accountant's mistake costed me $8000 penalty. I have been doing my own tax in the last 12 years. I was a engineer, not an accountant. Look at the bright side : 9 out of 12 I did everything right without having to file 1040x????.

 

Edited February 2, 2019 by Thailand J

[mtls2005]

I completed my 1040 on Sunday and mailed it yesterday. I use TaxAct.

 

The look of the new 1040 form, I've used the 1040A in recent years, threw me off, as did the increase in the Personal Exemption from $6,350 to $12,000.

 

 

[Thailand J]

I e-filed on January 30 on IRs's Free Fill website. Got my direct deposit date today. Pretty fast.