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4 2018 Form NJ-1040 Things to Know Before You Begin Your 2018 NJ-1040 Check the following items to avoid mistakes that delay returns and refunds. When to File In general, your New Jersey Income Tax return is due when your federal income tax return is due. 4 2018 Form NJ-1040 Things to Know Before You Begin Your 2018 NJ-1040 Check the following items to avoid mistakes that delay returns and refunds. When to File In general, your New Jersey Income Tax return is due when your federal income tax return is due. Topic page for Form 1040 (Schedule 1),Additional Income and Adjustments to Income.
En español The IRS has unveiled a draft version of a new, simplified income tax form for people 65 and older.
The final version of the new form will be posted on the agency's website before the end of the year and be available to use for the 2019 tax year.
Drafted to be easier for aging eyes to read, the two-page Form 1040-SR uses a bigger font than the standard Form 1040 and includes a prominently displayed chart for calculating taxpayers’ standard deduction, IRS spokesperson Eric L. Smith says.
Congress directed the federal tax agency to create the new form when it passed a budget bill in 2018.
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To use the new form, filers, including both spouses, must be at least age 65 though they don't have to be retired. They also must use the standard deduction rather than itemize.
'A lot of our senior clients, because of charitable giving and state and local income taxes, qualify to itemize, so this form is a no-go for them,” says Jay Porter, an associate accountant with Porter & Associates in Huntington, West Virginia.
Lines for various sources of retirement income such as Social Security benefits, IRA distributions, pensions and annuities are displayed on the first page of the form.
Tax-preparation software will be able to generate a 1040-SR, but the new form will provide the most significant benefit to some of the fewer than 10% of taxpayers who still fill out and file their returns on paper, Smith says.
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Form 1040-SR may feel more comfortable to some seniors and will make it easier for them to calculate the standard deduction, says Porter, who is a member of the American Institute of CPAs. However, people who file electronically or use a tax preparer won't benefit as much from the redesign.
Older people who are small business owners still will need to use the standard form, including Schedule C, to show profits and losses. Someone with investment income will need to use the standard form as well, says Mike Windle, a retirement income certified professional and partner at C. Curtis Financial Group in Plymouth, Michigan.
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The IRS spokesman doesn't have current data on how many older Americans itemize their deductions. Yet in the population overall, the IRS has been seeing a significant decrease in those who itemize since Congress changed the tax code in 2017 to increase the size of the standard deduction and cap the amount of state and local taxes that itemizers can deduct.
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The IRS is soliciting comments on the draft form by Aug. 15. Based upon that feedback, the agency will post a second draft of the form on irs.gov near the end of August.