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FAQ

Has a draft of the IRS 1040 form with all the new tax bill changes been made? I believe a few fields will be missing for deductions no longer allowed.
Hey There!2021 Tax Return: IRS 1040 (Form 1040 Draft Released: Major Changes By IRS)Major Changes in Form 1040 for 2019After the 1040’s major overhaul last year to take into account tax reform, some taxpayers told the IRS that they found the redesigned forms confusing. In response, the agency is attempting to improve 1040 with a variety of tweaks. An overview of expected changes was presented at the IRS Nationwide Tax Forum in National Harbor, Md., in early July.One big change is the reduction of the schedules. Six new schedules that appeared in 2021 will be reduced to three for 2021. Some information will return to the base 1040 form, while some of the schedules will be combined.There will be a new line for capital gains in 1040, and IRA distributions will get their line separate from pensions and annuities. In addition to Schedule, 1 is a space to enter the “date of divorce,” which accommodates the change in the tax treatment of alimony enacted by tax reform.The option to contribute to the Presidential election campaign remains the same. The explanation which accompanies the checkbox has been restored.As noted earlier, the income reconciliation that blocks on the front page where you used to transfer your items of income from separate schedules has been moved back to the first page of the return. You’ll likely also notice that Schedule D (Capital Gains) is once again on the reconciliation schedule which was disappeared in 2018.Tax reform also created the qualified business income deduction, which gets its forms in 2021. Form 8995 will be for the simple version of the QBI deduction that is available to taxpayers below certain income thresholds, while Form 8995-A will be for taxpayers subject to the more complex QBI computation.And, to modernize, the decimal places for cents are being removed from each line. The IRS says most people around, and the extra room allows for other information to be made larger or clearer.The previous version of form 1040 consolidated the spaces for several tax credits into a line or two. That proved confusing for taxpayers because separate lines for certain credits, like the Earned Income Credit (EIC) and the additional child Tax Credit vs Tax Deduction have been returned to the form.The spaces for signatures have moved to page two. This was an issue with the revised form IRS 1040 in 2021 since many tax preparers didn’t love having a full page of figures without a signature fearing it could lead to fraud or other problems.Thanks For Your Time!
Is the new IRS “same 1040 for everyone” easier for you than the old tax forms? I have looked at it and it seems far more complex for me.
As others have said, to make the 1040 “postcard” size, many lines were moved to one of 6 schedules. No lines were actually removed from the process since most of the things on those lines still apply to someone (a few are “reserved” lines for things that do not currently apply).I think the “more complicated” part comes from having less information on the 1040 itself. Under the previous, longer form, if you did a calculation on a schedule or form, the net/total amount would be carried forward clearly to the 1040. The next bit of arithmetic would then be clear (e.g., subtract line 10 from line 9). Now we have:Parts of the information on the 1040 in the right-hand column (like total earned income)Parts are on the 1040 in the central notes and instructions section (like EIC or Child Tax Credit)Parts only show on the new numbered schedule (especially Schedule 1, additions and adjustments to income)Places where things are added/subtracted only have a net figure, but often not the amount that was added/subtracted.If you file using electronic software, as many of us do, the math part done automatically. However, as we review the forms to see if they make sense, things are not as clear as they were. I would have preferred more lines that do not apply than missing lines that do apply.If you file on paper, the new process has taken something that fit compactly on 2 sheets of paper and printed it on 8 pieces with less information on each. If you file electronically, the 8 parts are printed more compactly, but still need at least 2 sheets and usually 3 or more even when those sheets contain no useful information at all…
People who have paid taxes every year for the last 5 years, how does it make you feel to keep seeing reports of the rich 1% dodging taxes for years with no real consequence? What's your limit before you demand change?
I cannot stand the liberal drivel nonsense about the “tax dodging” myth.You know who gets audited ALL OF THE TIME? The rich and the people who pay the most taxes. The IRS doesn’t care if Jo Schmo paid $14 instead of $15 in taxes (unless its caught in an electronic audit). But if Daniel Dollars pays $12m instead of $14m, you better believe the IRS will be all over them.Not paying taxes you do not owe is not “dodging taxes.” That’s like saying I dodge a jaywalking ticket because I crossed at an intersection with a green light.These are not “loopholes” nor are they tax “dodges.” They are specific provisions of the law that advantages some people and not others.Did you get a refund on your taxes this year? TAX DODGER GIVE IT BACK.Do you see how idiotic that sounds? You getting a refund for the child tax care credit is no different than a rich person utilizing an offshore portfolio interest exemption. Just because you can’t utilize a portion of the tax code, doesn’t make someone else that does use it a tax dodger. Guess what, I don’t qualify for the child tax care credit, despite having two young children in private school. Because someone that makes under about $120k per year does get that credit, does that make them a tax dodger? No, it just means the tax code is idiotic.If you want to have a different conversation…namely that the government has no business playing favorites to different classes of people, races, businesses, etc., through the use of handouts and benefits using the tax code…well I 100% agree with you there.I would LOVE to see an evenly applied tax across the country. Did you know the US is one of the VERY few countries in the world where over half its citizens don’t pay taxes to the federal government and others do? Why should Bob have to pay taxes because he’s rich and Steve not pay taxes because he only makes $30k per year? They both live here.How about we just tax all net income at 20%? No deductions of any kind. No mortgage deduction, no portfolio interest exemption, no amortization, no home office, no earned income credits…just get rid of it all. No long term/short term capital gains. No 1092 straddle rules. If you make $10, you owe $2 in taxes. If you make $100m, you owe $20m in taxes.And while we’re at it, eliminate corporate taxes and make this the most productive country in the world. Just take people at the income level. I know this will set liberals‡ heads on fire, but guess what, company owners do not just let their companies sit on cash. That’s idiocy. They either reinvest it or distribute it to owners. So many decisions are made at the corporate level over tax minimization…just eliminate it.And guess what, eliminated corporate taxes will not reduce taxes to the government. Why? because that money will go to individuals ‡ whether its employees, owners, or whoever. Those people will then have to pay taxes on it, typically at a higher level than the company.The only reason corporate taxes exist is so government can use the tax code to control businesses and because people think corporations are “bad.”This is turning into a rant, so I’m going to stop now. But everyone’s tax return should look like:Gross income on the year _____________Less expenses incurred in earning that income __________Multiply by 20% ______.And that’s it.
Republicans said that 9 out of 10 Americans would be able to file their 2021 taxes on a postcard if the 2021 tax change was passed. Has anyone actually filed taxes using a postcard? Where do you find the postcard?
The 2021 Form 1040 has been reduced to one side of a standard sheet of paper; it was formerly two sides. This massive tax simplification was accomplished by moving most of the lesser-used lines on Form 1040 on to five new accompanying schedules.Although the form now takes up the area of one sheet of paper, the official form is formatted so that it covers two sides, leaving half of each page blank. That is to say, form 1040 can be printed on two sides of a 5x8 card. A bit bigger than a typical postcard, but since most people e-file, the “postcard” format will never even be seen.For those who like to print their return, be sure to use 5x8 card stock in your printer if you would like a postcard. Bonus: The new Schedules 1, 2, 3, 4 and 5 are all postcard-sized as well. No, there’s no room for an address and postage, so fold your postcard into a standard envelope as before.Now, you may feel like you’ve just seen a poorly done magic trick at a child’s birthday party. This indicates the regard that the typical grandstanding politician holds for your intelligence.As for holding Republicans (or, really, officials of any political stripe) to their promises and schemes, you should really have seen this coming. You may note with some cynical resignation that Mexico is not paying for a wall, you do not get to keep your doctor, mission was not accomplished, there were new taxes, and so on. Don’t act so surprised, dear asker.
What do you feel about government border wall savings bonds available to the interested public to fund the southern wall?
Please take a close look at the National Debt. Selling bonds simply increases the speed which the current administration has created with the “tax cut” we all? got which for most of us ends in 7 years. The National Debt is rising at over a trillion dollars a year and we just reduced the amount of a major source of the country’s income.Congressional Budget Office estimated federal debt held by the public will rise from 78 percent of GDP at the end of this year to 96 percent in 2021. That would mark the highest percentage since 1946. The report warned such high and rising debt due to higher spending and lower revenues would have "serious negative consequences for the budget and the nation. As debt gets higher, it becomes harder and harder to stimulate the economy to generate growth. When the debt reaches the same or a higher level than the GDP the US will be unable to pay it’s debt and run the country.Any government bond program adds to that debt and, in the case of the “wall”, for little or no return. Perhaps it would show the real support for the wall and put “conservatives” on the line to put their money where their mouth is.It is analogous to the Administration’s announced plans for a trillion dollar infrastructure plan which was allegedly going to be paid for in a “public-private partnership”. Sounds good but when we looked at it more closely it meant that private companies would put up the construction money and be paid back with revenues created by tolls or other fees. Looking at how this has worked in major metropolitan areas, it has led to endless tolls and fees and as technology has gotten better, can be automatically collected. So would your bonds be assured of repayment? Probably not unless a revenue stream was attached to them to be sure. If a revenue stream is attached, the expenditure will have to be balanced with other income. The line of potential investors is very short. Little or no infrastructure has come about, except for those things started in prior administrations. Not a good enough track record for prudent investors to buy into.So put out the bonds, but don’t spend the money until you see it, and oppose any attempt to hook some sort of tax or fee to pay them back..
How did the New York Times obtain printouts from Trump's official IRS tax transcripts? Can that be through the "federal freedom of information" request process? The NY Times says Trump tax returns from 1985-94 show $1B in losses.
The New York Times obtain the returns from somebody who illegally leaked them to the New York Times. They were not obtained through a freedom of information request, but through an illegal leak.Federal law states specifically that it is illegal to disclose somebody's tax returns without their permission. There is nothing new in the returns other than the actual numbers. Most of the information is well-known, and Donald Trump even bragged about it in the first years of his TV show, The Apprentice.
Do you have to pay tax for selling on eBay?
If you are a US taxpayer, and you sell items on eBay on a routine basis, you are required to report your revenue from the sale of such items as part of a business return (e.g. Schedule C or C-EZ of Form 1040, Form 1120, Form 1120-S, Form 1065, or other form as appropriate to your tax status). You may generally deduct your expenses in producing and shipping those items, any costs you incur in marketing them (including eBay listing fees), and any other expenses that can be reasonably attributed to the process of acquiring, producing, or selling those items.If you only occasionally sell items on eBay (that is, you are not in the business of selling things on eBay) and you are a US taxpayer filing a personal income tax return, you must report the entire amount of what you received for whatever you sold as “other income” on Line 21 of Form 1040. Note that you cannot file Form 1040-A or Form 1040-EZ if you have taxable “other income” that isn’t from unemployment compensation or Alaska permanent fund dividends; there is no equivalent of Line 21 on Form 1040-A or Form 1040-EZ. Effective with tax year 2021. these amounts are instead reported on Line 21 of Schedule 1 of Form 1040.eBay does not send Form 1099-MISC because eBay does not process payments itself other than to collect its listing fees. Thus, eBay will never send you a Form 1099-MISC or Form 1099-K. If you use a payment processor such as PayPal, and you process transactions through that processor totaling more than $25,000 from 200 or more payors, that processor will send you, and the IRS, Form 1099-K, indicating that you were the recipient of the specified amount of funds. If your return does not, somewhere, reflect the receipt of those funds, the IRS will “correct” your return by adding the amount you failed to report as income. This will generally increase your tax and reduce your refund or increase the amount you are required to pay, and could result in penalties for underpayment or underprepayment of tax. In addition, if you claim the Earned Income Tax Credit, Child Tax Credit, or American Opportunity Tax Credit, and fail to report any part of your taxable income, you may be subject to additional penalties, and may also be banned from claiming these credits in the future.If you indicated to the payment processor you use that you are not a US taxpayer (by providing them with form W-8BEN or W-8BEN-E, in lieu of form W-9, when they asked you for a SSN), they will not file Form 1099-K with regard to payments to you, and you do not have to file a US tax return. However, they may file Form 1042-S instead, and may instead withhold “exit taxes” from payments made to you in accordance with the rules pertaining to transfers of US-source income made to non-US taxpayers. Consult a tax accountant for additional information.(Updated April 2021 to correct errors and reflect changes in forms for tax year 2018.)
My wife won money at a casino in Las Vegas but lost the tax papers given to her when she won, how do I report it on 2021 1040 form?
You should call the casino and ask for a copy of your winning 1099. They should be able to fax it mail it or email it to you,You can also request a transcript of your 2021 reportings from the IRS. Go to the IRS web site and look for “ transcripts “‡ you can possibly get it on lineTo see what the casino reported. It all depends on what type of tax program you use .. you should be able to put the winnings in as long as you know how much was on your tax form from the casino. Some programs ask for more detailed of the winning transaction some programs will let you put it in without lots of details.Good luck !
Are the tax cuts helping the entire US as the president claims?
Because the bill was passed in such a rush at the end of the year, payroll departments are scrambling to implement it. The changes in payroll withholding won’t show up in paychecks until March. So until then, no one will know whether the promised extra $35 or so a month in net take-home is on the check or not. And because the IRS is still reworking the 1040 forms, it will be next year before we learn if losing the property tax deduction completely wipes out any increase in take-home.So the sudden windfall the GOP is counting on to offset the Democratic Party wave in 2021 is unlikely to materialize.
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