Taxing Tax Time Times Two

Two months and counting, your yearly burden of supporting the government made twice as hard. First, the turmoil of the transformed form:

US News — The new cosmetic look of the 1040 form belies all the changes within. The redesign squishes what used to be 79 lines of information into just 22, on two half-sheets of paper.

But things did not get streamlined and simplified. All of those missing lines now correspond to six new numbered schedules and several worksheets. And that is in addition to the existing alphabetical schedules (A for itemizing deductions, B for interest and dividends, etc.)
[…]
Phyllis Jo Kubey, an enrolled agent in New York, has basically given up trying to process the changes visually. Her tax software even comes with a “1040 reconciliation worksheet,” which takes everything on this year’s tax form and makes it look like an old 1040.
“It’s easier for me to find things on the old form than to look at six different schedules,” Kubey said.
Kubey is especially concerned for senior citizens, who might be among the last of those who fill out the 1040 by hand.
“Can you imagine if you have been doing taxes every year of your life on paper, and then all the sudden you get this? I’d go nuts,” Kubey said.
For taxpayers who file electronically, the new form might not have that much of an impact. A professional tax preparer will take your information the same as always and deal with the changes for you.
DIY tax software will prompt you for the information needed in a similar manner to previous years, with just a few new questions.
It is when the results are printed out that most people will notice the difference.

Second, the thought of your hard-earned treasure going down the Trump administration hole.

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Blue Bronc
6 years ago

Greedy old perverts making new Dems every day they strip the middle class of income to give to billionaires.

Pogo
6 years ago

With the changed form this will be a challenging tax year for us.  Mrs. P spent 8 years as a tax attorney in the Big 8, 7, …. and we do our own taxes by filling information in on the schedules and worksheets – she compiles the stuff and I input it through Turbo Tax. I’m one of those old people who has been using the same forms for over 45 years – although the first 12 or so were on the short form.  Unless I miss my guess I’ll have a more difficult time finding where to input stuff this year without using the incredibly annoying hand-holding Q&A approach that TT makes available.  I tried it one year and was ready to throw the damn computer out the window after about 30 minutes.  We tend to snipe at each other during the process, but this year I can see a need for frequent quiet time if we are going to remain a loving couple through the process.

jace
6 years ago

OMG, and Sessions considered himself to be Supreme Court material!

jace
6 years ago

Republican logic. If they’re filling out more forms they won’t realize that they’re paying more taxes.

if there is a hotter place than Hell I hope Paul Ryan and his ilk spend eternity there. tax cut? My ass!

 

Pogo
6 years ago

Jace, I looked at a pre/post tax rate schedule done by the Tax Somethingoranother Institute and it looks like depending on deductions, etc. most people, or at least the average in income ranges, reflect somewhere between 2 and 4% tax rate reductions, with the lowest income bracket remaining unchanged. My understanding is that certain things, like charitable giving will not give any tax advantage but I’m really not sure how that and how the changes in standard deduction and exemptions will affect the amount of tax a given taxpayer will be on the hook for.  Depending on your family constellation you could benefit or be hurt by the deduction/exemption changes.  The mortgage interest cap probably won’t affect anyone I know – but I’m a little unclear on the import of that change (from $1,000,000)  but I imagine that means a taxpayer can only deduct mortgage interest on $750,000 of debt.  That ain’t a problem for me.

 

Here’s a summary from TaxAct.org that gives a little insight into the changes.

Pogo
6 years ago

And here’s a summary of the differences between 2017 and 2018 compliments of Fidelity Investments.

jace
6 years ago

Pogo,

Thanks for that.

We have usually reiceved a refund in the two to three hundred dollar range with the move We have not had time to even look at our taxes but I suspect that a refund will be non existent and we may even owe a little. That said the feds have operated on very little of my money this year and somehow or another it always seems to even out.

RebelliousRenee
6 years ago

Thanks for all your concerns and best wishes from last night.  Rick did get checked out by a doctor yesterday and it was determined the slight bump on the side of his head was just on the surface.  He had a very peaceful sleep last night and says he’s feeling ok this morning.  He was told that his seatbelt really did save him from serious injuries.

 

Today we hear from the adjustor and find out if the insurance will total the truck.  We are already looking at used trucks maybe 2-3 yrs old from dealers online.

RebelliousRenee
6 years ago

We have our taxes done professionally by someone local.  Things can get more complicated by living off of investments once someone retires.  And of course… there is my business.  We’ve always said she is worth every penny we pay.  Sounds like we’ll be thankful for her again this year.

 

Oh and last night’s question….   I like Brown, Klobuchar, Harris, Castro and Beto.

jace
6 years ago

RR,

Glad to hear Rick is doing well. ?My best to both of you.

Katherine Graham Cracker
6 years ago

For whatever reason, the Trumpers reduced the amount of withholding -that also decreases the return.

they did that without telling people so it looked like they were getting more money on their paychecks

Pogo
6 years ago

KC, my withholding went up about $40 per month without me making any changes on my W-4.

Katherine Graham Cracker
6 years ago

SFB thinks appearance is more important then anything

jace
6 years ago

https://www.politico.com/story/2019/02/14/gop-national-emergency-declaration-trump-1170697

OMG!! Having marched in lockstep with Trump for two years the GOP is shocked shocked I tell you that he would declare a national emergency.

These are either the stupidest bastards that ever came down the pike or the most disingenuous. Neither possibility does them any credit. How dare they insult the intelligence of the average person in such a manner.

On the bright side however I have a number of good used bridges currently in stock and am having a huge Presidents Day inventory reduction sale. It appears that republican congressmen will be some of my best customers. Please feel free to contact your republican congressman and let them know that the perfect bridge for their state or  district is now available at unheard of low prices. Don’t forget Jace’s ten percent discount for repeat customers.

All major credit cards accepted, financing available with approved credit. All sales final.

jace
6 years ago

Wow! SFB was practically incoherent today. Did someone forget to give him his meds.?

Katherine Graham Cracker
6 years ago

Separate from the presidential campaigns, the Democrats need to find someone or some group with enough credibility to really plant the seeds of insanity around Trump.

Katherine Graham Cracker
6 years ago

If I may translate SFB’s latest load of crap

Everything I do is for you my loyal base.  I’m the only one who can protect you from the catastrophic outcome of  Democrat  polices.  Democrats hate you and your life.  Protect your way of life from Democrats

Pogo
6 years ago

Jace, if you have that bridge from England in Arizona available I might be interested.
 
SFB incoherent?  Say it’s not so.  I heard some of his ramblings yesterday and I swear to god the man cannot form a sentence conveying a thought.

xrepublican
6 years ago

Ms Pat, thank you. Here’s a building on your building

OILY LIAR

 
Obese Incoherent Lazy Yellowbelly.
 
Lunatic Incompetent Asshole republican.
 

xrepublican
6 years ago

Mr Jace, I’ll take that FL Keys 7 Mile Bridge, thank you. I intend to turn it into a sunbathing facility or small craft runway or both. Maybe I’ll just run a railroad down to Key West.

Sturgeone
6 years ago

When I have to speak with a trumper on the job I just bitch about the tax cut and then if they press it I say, “That boy don’t act right.” and change the subject .

jace
6 years ago

Pogo,

Sorry the Arizona bridge is spoken for. I just sold it to Louis Ghomert. Needless to say he bought it sight unseen.

jace
6 years ago

XR,

will you be paying the shipping or should I arrange that for you?

jace
6 years ago

Hello Sturgeon,

Where you been? Technical difficulties corrected?

Nice to have you back.?

xrepublican
6 years ago

How do, Mr Sturgeone ? I missed the news from the tidewater.

 

xrepublican
6 years ago

Mr Jace, just wrap that baby up in silk bows and send it par avion.

C.O.D. of course.

xrepublican
6 years ago

manafort’s sentence should be what mcvey got. It should be carried out with a slower acting drug, and his head put on a pike at the White House gate for a year.

grrrrrrr. Me play tuff guy. grrrrrrrrrrp.

Jamie44
6 years ago

Good news about Rick if not the truck.  All concerned please stay safe and well.

 

Pogo
6 years ago

I’m doing my best to remain calm in the face of the National Emergency. I think I’ll go out to lunch with Ms. P and have a burger and a couple of beers and keep an eye out for illegals or caravans or something. Hope I don’t get indigestion from all the worry about being overrun by brown skinned criminals and rapers.

Everyone have a nice day. ?

Corey
6 years ago

Hello everyone. I have a question regarding the “national emergency”. Could this lead to say a Democratic President calling “Gun violence” a national emergency? And, if so, could they use this declaration as a way of doing an end around Congress or does the constitution, specifically, the 2nd amendment prevent this? Thanks!

Pogo
6 years ago

Corey, great question. SFB’s challenge is twofold- declaring an emergency that is demonstrably nothing of the sort and using the declaration to misappropriate, ummmm, redirect,  funds previously appropriated by Congress for other purposes. He’s got a separation of powers challenge.

 

Not sure how a demonstrable national emergency like gun violence that would be used to effectively impose regulations not underlaid by legislation would fly.

Corey
6 years ago

“No. @POTUS can’t claim emergency powers for non-emergency actions whenever Congress doesn’t legislate the way he wants.” – Justin Amash on January, 28th.

Flatus
6 years ago

Am I supposed to dress-up in my ancient uniform, grab a shotgun and a .45, and head to the white horse or Mary Lego, or his podiatrist?? That young man has me so confused.

xrepublican
6 years ago

The Aurora shooting shows the danger of half-ass background checks and non-enforcement.

Flatus
6 years ago

I’ve been a subscriber to Atlantic for fully sixty years along with the New Yorker, Journal, my local/regional paper and other publications more specialized, and ones that were simply so good that their publishers’ couldn’t afford producing them. But, I’ve not gone beyond the first and last paragraphs of Atlantic’s work on Trump; why waste my time when I’ve read their sentiment on the man several years ago? Not that I disagree with them.

Flatus
6 years ago

I bet Craig has had a fun-filled day…sigh