Hi, welcome to the Latino Tax Pro. We will be discussing the Tax Cuts and Jobs Act as well as the 2018 draft 1040. I am Carlos Lopez, the executive director of Latino Tax Pro, and my colleague Nick Young, an enrolled agent. In this presentation, we will provide a summary overview of the changes brought by the new tax legislation. Please note that this is not a detailed presentation, but rather a one-hour overview. Firstly, it is crucial to mention that the tax bill was passed on December 20th, 2017, and signed into law by the president on December 22nd, 2017. The changes, however, will go into effect starting in tax year 2018. One significant change to note is that most Americans will pay less tax until 2026, as the tax rates have been lowered. Additionally, the standard deduction has nearly doubled. Personal exemptions will no longer be applicable, but it is still necessary to input exemptions for dependents, as some states have not conformed to this change, and there may be exemptions that individuals could be missing out on. The child tax credit and some other credits may also be affected, depending on the circumstances of each family and what state they reside in. Furthermore, the alimony deduction for 2018 has been eliminated unless a prior agreement was entered into in 2017 or earlier. Those who have been paying alimony and wish to deduct it must ensure they have all the necessary paperwork to substantiate their deduction. The income will be excluded for the recipient, and the deduction is not applicable to the person paying alimony. It is essential to note that this only applies to agreements executed or modified after December 31st, 2018. Casualty losses can now only be deducted if they occur in a disaster declared by the president....
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2018 1040 draft Form: What You Should Know
The new draft version of the 2024 Form 1040 has minor differences in several places including the income tax sections, and a new tax section. In addition, the 2 tax form is available. Do not file draft forms and do not rely on information in draft instructions or Publication 2181-A. Draft Instructions for 2024 Form 1040 released by IRS Jun 29, 2024 — The IRS has released draft instructions for the 2024 Form 1040. The release includes minor changes to the instructions and a new table in the instructions. In addition, the final draft has two more schedules that change the number of schedules required to file and increased the maximum tax. The final form is not available in electronic format at this time. Do not file draft forms and do not rely on information in draft instructions or Publication 2181-B. 2018 draft Form 1040 reduced to “postcard” size but requires Jun 21, 2024 — The IRS has released draft instructions for the 2024 Form 1040. This is substantially smaller than the 2024 Form 1040, and it now includes two more schedules. Additionally, the final draft has two new columns in the instructions. At this time, the Form 1040 and Form 1040EZ and Form 40 can coexist on paper and on computer because the 2024 Form 1060 does not include any new requirements. The new 2018 Form 1040 does not have a section with the number of schedules in the form. Do not file the 2024 Form 1040 and rely on information in draft instructions or Publication 2181-A. Do not file draft forms and do not rely on information in draft instructions or Publication 2181-B. Draft Instructions for 2024 Form 1040, Release Date April 2017 Jun 19, 2024 — The IRS has released draft instructions for the 2024 Form 1040. This is substantially smaller than the 2024 Form 1040. Also, it has two new schedules and a revised section. In addition, the 2 form is available at this time, but the 2 form does not have any new information.
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