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04-10-2018, 09:51 PM
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#1
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2006
Location: Boise
Posts: 7,882
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2018 tax forms - when?
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.
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"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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04-10-2018, 11:52 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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I would expect to see the form and general instructions for form 1040 some time in early January, 2019.
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04-11-2018, 04:58 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Dec 2015
Location: Michigan
Posts: 5,003
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 Quote:
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I would expect to see the form and general instructions for form 1040 some time in early January, 2019.
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They do not do them early because they never know if there might be a change until the last minute.
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"The mountains are calling, and I must go." John Muir
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04-11-2018, 07:33 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 3,706
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Quote:
Originally Posted by SecondCor521
Does anyone know when we might see a draft 2018 form 1040 along with the instructions?
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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/li...mitSearch=Find
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04-11-2018, 08:16 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2006
Location: Boise
Posts: 7,882
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Thanks all.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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04-11-2018, 12:09 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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Why? Are you keen to do your 2018 return now? 
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If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-11-2018, 12:16 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2006
Location: Boise
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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. 
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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04-11-2018, 03:51 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2009
Posts: 6,695
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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.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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04-12-2018, 04:48 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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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.
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04-12-2018, 04:53 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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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).
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-12-2018, 05:23 PM
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#11
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,349
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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.
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I thought growing old would take longer.
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04-12-2018, 05:30 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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Agreed... but TT's What-If worksheet makes it easy peasy.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-12-2018, 06:13 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jan 2006
Location: Rio Grande Valley
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Quote:
Originally Posted by SecondCor521
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.
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Retired since summer 1999.
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04-13-2018, 06:42 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 4,172
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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.
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04-13-2018, 07:13 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 3,229
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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.
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04-13-2018, 08:28 AM
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#16
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-13-2018, 08:54 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 4,172
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Quote:
Originally Posted by 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.
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you probably did it but didn't say explicitly............no more exemptions
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04-13-2018, 09:15 AM
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#18
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Recycles dryer sheets
Join Date: Jul 2011
Location: Minneapolis
Posts: 359
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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/c...calculator.php
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04-13-2018, 09:53 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 3,229
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Quote:
Originally Posted by kaneohe
you probably did it but didn't say explicitly............no more exemptions
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Correct, just combined it into one standard deduction, $12K for me.
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04-13-2018, 10:14 AM
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#20
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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Quote:
Originally Posted by 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).
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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.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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