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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump's New Easy Tax forms?
So I just thought I'd start looking to see where the post card is located that I will able to file my taxes on.
I see that there is no longer a 1040A tax form, which is the form that I have been using recently. Everyone must file a 1040, I think.
I also see on the MSN home page that the standard deduction for single people went up $200 and for married $400. I thought the standard deduction was supposed to be doubled? I guess not. I see no more exemptions.
Anyone out there know something about this? I used to file paper returns, I could get my forms on line or at the library. Trump did promise that this is going to be easier right?
Help! I never pay anyone to do my return, never spend any money buying a program, will I still be able to file my paper returns?
FSogol
(45,529 posts)unblock
(52,336 posts)for 2018 tax year, i think a single person's combined exemption plus standard deduction would have been $10,400 last year and is $12,000 this year (all standard deduction, exemptions are gone).
https://www.cbsnews.com/news/9-tax-deductions-individuals-can-no-longer-claim-in-2018/
i use turbo tax, and i did note that some of the form labels include the word "postcard". so that's how they claim to have made taxes simpler -- by relabeling it as "postcard" so gee, it must be easy, it's just a "postcard", right?
FakeNoose
(32,777 posts)I bookmarked the thread because of the good info on there.
watoos
(7,142 posts)watoos
(7,142 posts)but added 6 other forms to get the info. Schedules A,B, and C are still there, and the SS work sheet is still a pain in the ass.
I used to laugh at my Trumper friends who would take their 1040EZ form to a tax preparer, it's no joke this year.
BumRushDaShow
(129,569 posts)and it's pretty much like the 1040 form is what the 1040A used to be.
The "standard deduction" for "singles" is now $12,000 and for married filing jointly is $24,000. But there are no more "exemptions" (for yourself and other dependent family members) nor are there much of any deductions left. I.e., the local/state income/property or sales taxes are capped at a max deduction of $10,000 and unless you are a big charitable giver on top of deducting taxes and the amount goes over the $12,000 (some have suggested to stagger charitable reporting to every other year in order to make it worth while). I also understand that you can no longer deduct "home office" expenses.
JustABozoOnThisBus
(23,369 posts)"Qualified Charitable Distribution" is a way of contributing your Required Minimum Distribution (RMD) from your IRA, in a way that the money never hits your "top line", so you don't pay any tax on it.
BumRushDaShow
(129,569 posts)(57 )
But just confirmed that they did keep the age 65+ additional amount ($1550) that can be added to the standard deduction.
JustABozoOnThisBus
(23,369 posts)As opposed to the myriad of disadvantages
BumRushDaShow
(129,569 posts)...well deserved!
IphengeniaBlumgarten
(328 posts)The "post card" claim sounds good, but it really just complicates filing, because they need the same information they always did.
watoos
(7,142 posts)I have been paper filing my 1040A since I retired. I assume I can still paper file? I wanted to give someone a job looking at my paper work. I haven't gotten my 1099's and other forms yet. I was just getting a jump on things.
watoos
(7,142 posts)and from my investment income. I will be in good shape. I don't know about those Trumpers though who simply got more money in their paychecks because it was taken from their refunds. How is Trump going to blame that on Democrats?