New Tax Forms Out

[scrabbler1]

Someone in Bogleheads mentioned that the new 2018 tax forms are out.

https://www.irs.gov/forms-pubs/about-form-1040

Looks like the draft versions I saw earlier this year.

 

[broadway]

I haven't looked at them yet.

I am worried about the circular reference with regards to the ACA subsidy if one is self-employed. I know I did it wrong in 2016.

 

[target2019]

Lovin' how they put 1 page on two half pages.
How creative!

 

[DayDreaming]

Lovin' how they put 1 page on two half pages.
How creative!

That's so you can do your taxes on a postcard!
(As long as you don't count the new schedules that you need to fill out).

 

[kaneohe]

Wonder how much they spent doing that............in principle, it sounds easy to follow the truncated form w/ reference to the schedules . In practice I find it a lot harder. Maybe it would be easier if I had paper.......interesting too that they had a plan to undo the whole thing keeping the line #s from the old forms.

 

[sengsational]

Someone at the IRS must have figured out that if they make more forms, they collect more revenue! How else would you explain taking the old 1040, two pages, and turning it into 7 pages? In these days of doing an interview in software and submitting electronically, the separate schedules are irrelevant. They must have taken a page out of Microsoft's book... rearrange the UI just to make people think they've got something new, when it's the same jumble under the covers.

 

[gerntz]

Wouldn't they have to be for TurboTax to be selling tax return programs already for a month? Why would you want to be filling out incorrect forms?

 

[Jerry1]

Wouldn't they have to be for TurboTax to be selling tax return programs already for a month? Why would you want to be filling out incorrect forms?

Turbo Tax is never ready this time of year to actually file your returns. Significant updating happens after you purchase TT especially until the middle of January.

 

[FUEGO]

Someone at the IRS must have figured out that if they make more forms, they collect more revenue! How else would you explain taking the old 1040, two pages, and turning it into 7 pages? In these days of doing an interview in software and submitting electronically, the separate schedules are irrelevant. They must have taken a page out of Microsoft's book... rearrange the UI just to make people think they've got something new, when it's the same jumble under the covers.

Job creation. I think we were promised like 25 million more American jobs over these four years. I figure a few dozen headcounts at least to overhaul the tax forms in such a dramatic way.

 

[GalaxyBoy]

Someone at the IRS must have figured out that if they make more forms, they collect more revenue! How else would you explain taking the old 1040, two pages, and turning it into 7 pages? In these days of doing an interview in software and submitting electronically, the separate schedules are irrelevant. They must have taken a page out of Microsoft's book... rearrange the UI just to make people think they've got something new, when it's the same jumble under the covers.

Politicians promised a 1040 "the size of a postcard" so this is how they (almost) did it. Offload a bunch of it to schedules and voila! "Honey I shrunk the tax return."

See https://www.npr.org/2018/06/29/6244...rd-is-not-so-simple-and-not-really-a-postcard

 

[Alan]

I just bought Turbotax yesterday. It gets harder to buy each year for us living overseas. Last year I had to use VPN to tunnel to the USA, log into my Amazon.com with my US credit card linked to our daughter’s US address to buy it, as other methods including direct from Intuit state that the product is not available for purchase overseas.

I tried the same thing this week but Amazon recognised that I also have an Amazon.co.uk account and wouldn’t let me buy it. My wife doesn’t have a .co.uk account with Amazon so I bought it through her Amazon.com account. (This the download version of course).

Americans have to file taxes regardless of where they live and Turbotax handles our taxes very nicely as overseas residents so I don’t understand the reasons why they won’t sell it to overseas residents.

 

[braumeister]

How about asking your daughter to buy the download and then send you the installer file?

 

[MichaelB]

I just bought Turbotax yesterday. It gets harder to buy each year for us living overseas. Last year I had to use VPN to tunnel to the USA, log into my Amazon.com with my US credit card linked to our daughter’s US address to buy it, as other methods including direct from Intuit state that the product is not available for purchase overseas.

I tried the same thing this week but Amazon recognised that I also have an Amazon.co.uk account and wouldn’t let me buy it. My wife doesn’t have a .co.uk account with Amazon so I bought it through her Amazon.com account. (This the download version of course).

Americans have to file taxes regardless of where they live and Turbotax handles our taxes very nicely as overseas residents so I don’t understand the reasons why they won’t sell it to overseas residents.

Do you know who is causing this problem, TurboTax or Amazon?

 

[Winemaker]

I usually have my taxes already figured out by now, and are tweaking things to minimze taxes and maximize spendible income. After purchasing TT in November and entering my numbers, depreciation schedules won't be available until Jan 27, 2019. So I won't know if some of my purchases/improvements this year will be expensed until then.

 

[Car-Guy]

Turbo Tax is never ready this time of year to actually file your returns. Significant updating happens after you purchase TT especially until the middle of January.

+1 Frustrating. I bought my copy a few weeks ago and ran my numbers. I keep running into, "those forms and/or tables are not yet available from the IRS". I'm going to be forced in to making some guesses for any adjustments I may want to make by year end.

 

[Alan]

How about asking your daughter to buy the download and then send you the installer file?

That would be next on my plan. Maybe next year if it doesn't work out, except I have a MacBook and she is a Windows PC so not sure if the site would allow that.

Do you know who is causing this problem, TurboTax or Amazon?

I think it is TurboTax as I can't buy the download on the Intuit site either. I have an American friend who moved to Yorkshire the year before I did and he says that he uses TurboTax online on the Intuit site from England, no VPN or anything. That would be another option except that the online version doesn't have anywhere near the same features as the downloaded version. I like to be able to switch between the forms view and step by step, and run scenarios throughout the year. His finances and taxes are also much simpler than mine.

ETA
My son also does his taxes on my laptop. (You can file up to 5 returns I think)

 

[braumeister]

That would be next on my plan. Maybe next year if it doesn't work out, except I have a MacBook and she is a Windows PC so not sure if the site would allow that.

I'm pretty sure that when I downloaded it, I had to choose which installer I wanted.

But if not, I'd be happy to do that for you next year. Just send me a PM.

 

[Alan]

I'm pretty sure that when I downloaded it, I had to choose which installer I wanted.

But if not, I'd be happy to do that for you next year. Just send me a PM.

Cool, I will definitely bear that in mind

 

[MichaelB]

I think it is TurboTax as I can't buy the download on the Intuit site either.

Strange. I wonder what’s behind this. TurboTax doesn’t help much, they refer a question by an overseas taxpayer to an independent tax preparer, who gives this reply (my bold)

One alternative, but viable, solution that we might suggest instead would be for you to purchase TurboTax software from a different vendor (such as one of our authorized retail partners, like Amazon.com, for instance) and rather than ordering a software download (which may be also limited to US customers only), you could purchase the program on CD-ROM disc. Once you have the disc, you could then install the TurboTax program on your own computer, and also receive internet-based software updates for the product (from anywhere in the world).

One possibility is the SW requires an export license, it exists for the CD and not for the download version (meaning it is different).

 

[sengsational]

It might be as simple as they didn't want to spend money testing it overseas, so don't want to get any support calls due to quirks of running outside the US. I'm thinking e-file, but could be software updates too. If the techies say "it will probably work fine", that might not be enough for the support division to agree to it. If a person wrangles a copy across the pond, then it's their blues if something strange keeps them from filling.

 

[Alan]

It might be as simple as they didn't want to spend money testing it overseas, so don't want to get any support calls due to quirks of running outside the US. I'm thinking e-file, but could be software updates too. If the techies say "it will probably work fine", that might not be enough for the support division to agree to it. If a person wrangles a copy across the pond, then it's their blues if something strange keeps them from filling.

I think you've nailed. I believe it must be language support. Each time I run it I get a warning that my current settings aren't supported by TurboTax. From the attachment you can see that the objection is to my computer setting of "English (United Kingdom)" which I need for various reasons including the English style keyboard which has some different symbols and some symbols in different positions. (e.g. shift-3 is where the £ symbol is)

 

[braumeister]

Maybe you should just switch languages (in System Preferences/Keyboard/Text/Spelling) whenever you run TurboTax. That OUGHT to work.

 

[Alan]

Maybe you should just switch languages (in System Preferences/Keyboard/Text/Spelling) whenever you run TurboTax. That OUGHT to work.

I actually have zero problems using it with my English keyboard, and I am more than used to the US date format. It is easy enough to click OK on the warning box when I run the program.

 

[target2019]

I noticed two articles this week on the impact of budget reduction, shutdwon, etc., to the IRS rollout of the new forms and systems.

https://federalnewsnetwork.com/agen...ts-strains-rollout-of-2019-tax-filing-season/

https://federalnewsnetwork.com/gove...of-workforce-in-event-of-government-shutdown/

Some of the reporting is dated, obviously, as this topic is fast-moving.

I believe we'll all have problems with software as the IRS cleans up their work, and TurboTax, etc., struggle to keep customers happy.

 

[scrabbler1]

I took a closer look at the new forms and discovered that I will have to file 8 pages even though I am taking the standard deduction. This is because I have to file new Schedules 1, 2, and 5, along with the usual Schedules B, D, and Forms 8949 (sale of asset) and 8962 (ACA subsidy). Schedules 1, 2, and 5 will show 1 number each, for cap gains, ACA Subsidy repayment, and estimated income tax payments, respectively. All 3 of these items used to be on the old Form 1040, with some of them on the old, shorter forms. Had I been getting an ACA subsidy instead of having to pay it back ("over the cliff"), the ACA tax credit could have joined the estimated tax payment on Schedule 5.


So much for less paper, huh?