2018 tax forms - when?

[SecondCor521]

Does anyone know when we might see a draft 2018 form 1040 along with the instructions?

I don't mean the ones we're filing now, I mean the ones we'll file about a year from now, with the changes.

I tried googling but Google misunderstood my question.

 

[jebmke]

I would expect to see the form and general instructions for form 1040 some time in early January, 2019.

 

[DrRoy]

I would expect to see the form and general instructions for form 1040 some time in early January, 2019.

They do not do them early because they never know if there might be a change until the last minute.

 

[cathy63]

Does anyone know when we might see a draft 2018 form 1040 along with the instructions?

You asked about draft forms, but the other answers you're getting are about final forms. Drafts of the 1040 and its schedules are typically available by October, though it might be later this year due to the large changes in the law.

When they're available, they'll be found here: https://apps.irs.gov/app/picklist/list/draftTaxForms.html?value=2018&criteria=currentYearRevDateString&submitSearch=Find

 

[SecondCor521]

Thanks all.

 

[pb4uski]

Why? Are you keen to do your 2018 return now?

 

[SecondCor521]

Why? Are you keen to do your 2018 return now?

Heh.

I like trying to optimize things, and there are decisions I could make and actions I could take now if I could read those forms and instructions now.

In practical terms, I could relax and wait until November. Any positive difference I could make between now and then would likely be measurable with a micrometer.

 

[scrabbler1]

What helps me the most now in preparation for my 2018 taxes is the 2018 estimated tax form and instructions which include the new tax brackets and standard deductions.

 

[jebmke]

Why? Are you keen to do your 2018 return now?

I have been doing a pro-forma return for 2018 (my first pension year) and 2023 (my first RMD year) for about five years now. I do them before I do my return for the active year. The 2023 year in particular was a significant factor in making ROTH conversion decisions.

 

[pb4uski]

I do that too. But I don't need the 2018 forms in order to do a pro-forma 2018 return... I have one done in Excel and also have on on a TT What-If worksheet (there is a checkbox that does the return using 2018 rules and rates).

 

[braumeister]

Yes, it takes a little time and effort to mock up a return in Excel or similar software, but no advanced spreadsheet skills. Well worth the investment IMHO.

 

[pb4uski]

Agreed... but TT's What-If worksheet makes it easy peasy.

 

[audreyh1]

Heh.

I like trying to optimize things, and there are decisions I could make and actions I could take now if I could read those forms and instructions now.

In practical terms, I could relax and wait until November. Any positive difference I could make between now and then would likely be measurable with a micrometer.

TurboTax has what-if tools for 2018 which obviously uses the new parameters.

 

[kaneohe]

Tax calculators like the HR Block one and Taxcaster allow you to put in what look like 2017 inputs and output both 2017 taxes and 2018 taxes. Just put in your 2018 inputs at the beginning. Compare both calculators to see if you get the same results which would give you more confidence in the results.

 

[zinger1457]

My taxes are fairly simple so in my case the changes I needed to make to my 2017 tax estimator spreadsheet for 2018 were fairly minor. I updated the tax brackets and the standard deduction I used in 2017, it was a simple change that only took a minute. Don't believe there are any other changes to the tax code that affect me.

 

[pb4uski]

Another thought... I found that the TT What-If worksheet with 2018 changes was a good tool for me to validate that the changes that I made to 2018 for my Excel model were correct.

 

[kaneohe]

My taxes are fairly simple so in my case the changes I needed to make to my 2017 tax estimator spreadsheet for 2018 were fairly minor. I updated the tax brackets and the standard deduction I used in 2017, it was a simple change that only took a minute. Don't believe there are any other changes to the tax code that affect me.

you probably did it but didn't say explicitly............no more exemptions

 

[BrianB]

I have also been looking for a calculator for 2018 taxes. Tried several and my favorite is this one. It's fairly complete and I found it easier to navigate than others.

https://www.mortgagecalculator.org/calcs/1040-calculator.php

 

[zinger1457]

you probably did it but didn't say explicitly............no more exemptions

Correct, just combined it into one standard deduction, $12K for me.

 

[SecondCor521]

I do that too. But I don't need the 2018 forms in order to do a pro-forma 2018 return... I have one done in Excel and also have on on a TT What-If worksheet (there is a checkbox that does the return using 2018 rules and rates).

Much of what I have read about the new tax laws (both the federal ones and my state one) is the non-technical explanations in the media. In several cases, my actual tax liability and optimal tax plan hinges on details that are either missing or conflicting in those reports. So I want to go to the "horse's mouth" and confirm those details and uncover any gotchas ahead of time.

Aside from the new tax laws, my tax situation is changing: I may be able to switch from single to HOH, I will likely have a kid in college who also may become my dependent again, and I will have a second kid in college next year. So lots of moving parts for me.

 

[Amethyst]

I used this calculator to determine if we needed to pay 2018 estimated tax or increase our withholding to cover LTCG from sale of shares. This was the only calculator I found that breaks out LTCG/Dividend income.

https://taxfoundation.org/2018-tax-reform-calculator/

 

[kaneohe]

I used this calculator to determine if we needed to pay 2018 estimated tax or increase our withholding to cover LTCG from sale of shares. This was the only calculator I found that breaks out LTCG/Dividend income.

https://taxfoundation.org/2018-tax-reform-calculator/

looks like you have to suscribe to use it? The HR Block and Taxcaster tax calculators also provide 2018 results w/ LTCG/QDIV coverage. They look like the 2017 version but at the end will provide both 2017 and 2018 taxes.

 

[Amethyst]

I did not have to.

looks like you have to suscribe to use it? .

 

[harley]

TurboTax has what-if tools for 2018 which obviously uses the new parameters.

How do you find the what-if tool in TT? I was poking around a bit, but didn't see anything. I've got Home and Business if it makes a difference.

 

[cathy63]

How do you find the what-if tool in TT? I was poking around a bit, but didn't see anything. I've got Home and Business if it makes a difference.

If you have the desktop version of TTax:
- go to Forms mode by choosing View / Forms from the menu or pressing Ctrl+2
- click the Open Form button just above the list of "Forms in My Return"
- type "what" in the search box on the popup
- click on What-If Worksheet in the results list

I am using the desktop Premier version, so it's possible that this feature doesn't exist in Home and Business.