form 1095-b | Nesteggg Accounting

Here are five facts about the new Form 1040

Here are five facts about the new Form 1040

There are several changes to the 2018 Form 1040. However, taxpayers who file electronically may not notice the changes as the tax return preparation software guides people through the filing process.

The IRS worked closely with its partners in the tax return preparation and tax software industries to prepare for tax reform and tax form changes affecting tax year 2018, including the Form 1040. This ongoing collaboration ensures that taxpayers can continue to rely on the IRS, tax professionals and tax software programs when it’s time to file their tax returns.

Here are five things taxpayers need to know about the 2018 Form 1040.

The 2018 Form 1040 replaces Forms 1040,1040A and 1040EZ with one 2018 Form 1040 that all taxpayers will file.
Forms 1040A and 1040EZ are no longer available. Taxpayers who used one of these forms in the past will now file Form 1040.
The 2018 Form 1040 uses a “building block” approach and allows taxpayers to add only the schedules they need to their 2018 tax return.
The most commonly used lines on the prior year form are still on the form. Other lines are moved to new schedules and are organized by category. These categories include income, adjustments to income, nonrefundable credits, taxes, payments, and refundable credits.
Many taxpayers will only need to file Form 1040 and no schedules. Those with more complicated tax returns will need to complete one or more of the 2018 Form 1040 Schedules along with their Form 1040. These taxpayers include people claiming certain deductions or credits, or owing additional taxes.

Electronic filers may not notice any changes because the tax return preparation software will automatically use their answers to the tax questions to complete the Form 1040 and any needed schedules.

For taxpayers who filed paper returns in the past and are concerned about these changes, this year may be the year to consider the benefits of filing electronically. Using tax software is convenient, safe and a secure way to prepare and e-file an accurate tax return.

More information:
About the Form 1040, U.S. Individual Income Tax Return
Questions and Answers About the 2018 Form 1040
Get Ready for Tax Filing Season
Publication 5307, Tax Reform: Basics for Individuals and Families
Publication 17, Your Federal Income Tax for Individuals
IRS Tax Map

Employers and Coverage Providers have more Time to Furnish Health Coverage Forms to Individuals

Document of Insurance Policy, Life; Health, car, travel, for background

Employers and Coverage Providers have more Time to Furnish Health Coverage Forms to Individuals

The IRS extended the 2018 due date for certain employers and health coverage providers to furnish 2017 health coverage information forms to individuals. The following organizations now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals:

Insurers.
Self-insuring employers.
Other coverage providers.
Applicable large employers.

The March 2 date is a 30-day extension from the original due date of Jan. 31.

These organizations must furnish statements to employees or covered individuals. The statements have information about the health care coverage offered or provided to the employees or covered individuals. The recipients may use this information to determine if they can claim the premium tax credit on their individual income tax returns.

This 30-day extension is automatic. Employers and providers don’t have to request it. The due dates for filing 2017 information returns with the IRS are not extended. For 2018, the due dates to file information returns with the IRS are:

Feb. 28 for paper filers.
April 2 for electronic filers.

Because of these extensions, individuals may not receive their Forms 1095-B or 1095-C by the time they are ready to file their 2017 individual income tax return. While information on these forms may assist in preparing a return, taxpayers are not required to have these forms to file. Taxpayers can prepare and file their returns using other information about their health coverage. Taxpayers do not have to wait for Forms 1095-B or 1095-C to file.

IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018

IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018

The IRS announced today that it has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of Jan. 31. Insurers, self-insuring employers, other coverage providers, and applicable large employers must furnish statements to employees or covered individuals regarding the health care coverage offered to them. Individuals may use this information to determine whether, for each month of the calendar year, they may claim the premium tax credit on their individual income tax returns.

Feb. 28 for paper filers
April 2 for electronic filers

Because of these extensions, individuals may not receive their Forms 1095-B or 1095-C by the time they are ready to file their 2017 individual income tax return. While information on these forms may assist in preparing a return, the forms are not required to file. Taxpayers can prepare and file their returns using other information about their health coverage. They do not have to wait for Forms 1095-B or 1095-C to file.

Here are five facts about the new Form 1040

Employers and Coverage Providers have more Time to Furnish Health Coverage Forms to Individuals

IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018

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