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The New Tax Forms You Need to Know

February 19, 2020

From the nextavenue website

Now that tax season has kicked in, prepare for some pretty big changes on your 2019 tax forms. You may even wind up filling out a new version of the 1040 specifically for people 65 and older. And the W-4 withholding form from employers has been completely revamped.

 “I’d say the tax forms are very different this year,” said Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting in Riverwoods, Ill.

Here’s why: The Trump administration wanted to let people fill out “postcard-size” 1040s last year — cutting the form from 79 lines to 23. But doing so led the Internal Revenue Service (IRS) to create six other forms for information that got left out. Some taxpayers need to complete these forms, known as Schedules, too. The new Schedules led to an outcry in the tax preparation community, with about 540 comments (mostly negative) to the IRS.

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