Tips for filing tax returns under new tax code

Tax season is here. Starting next week, the IRS will begin accepting tax returns for 2018. Since this is the first time you’ll be filing under the new tax code, Senior Personal Finance Correspondent Sharon Epperson has what paperwork is needed, and what changes you need to be aware of.

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[archiestanton]

At 0:57 the interviewer asks, "Have the forms changed?" The quick answer is YES! The form 1040 is nothing more than a form requesting who you are, social security number, etc. and a quick summary sheet of your incomes, subtractions, and how much you owe, or your refund amount. To get that far, there are now an additional FIVE (yes that's right 5) additional forms for your 1040, and odds are most of us will have to fill out at least one of them and include it (them) along with your form 1040. A nightmare.

[mjljacobful]

Got my taxes done from my CPA... and was very happy! Received $2, 000 Less then previous years.... but got to keep $165 more on my check weekly... that's $8, 580 minus the 2, 000 less... the grand total is Of awesomeness which went directly into my Roth IRA. Finally a tax break. Asked my CPA what everybody is complaining about, and he said pretty much to sum it up is either people don't have their W-4 filled out correctly or they're just complaining to complain because they hate Trump.... I was like "I And then he says he's Democrat and he actually benefited from it to... but yeah I got to keep 6000 + more this year.

[stevenh.]

I used to like income tax time because I used to actually get money back. But my wife and me have not filed in the last 4 years because my wife started making better money and when we did our taxes we got screwed because we had to pay in to the fed. And we could not afford it. We barely make it living paycheck-to-paycheck. We have had two cars repossessed. Some of our financial problems are because of our own mistakes. But I'm so frustrated with the system because whenever we get behind and are struggling to make ends meet and pay bills on time we still get screwed. We just tried to catch up our taxes this year and we owe the IRS so much money its ridiculous. My wife lost her good-paying job last year and so we have been struggling that much more. And it is been hard as hell to pay all the bills on my income alone because she has not secured a decent paying job yet. And the cost of living is so flipping ridiculous. I am 38 now and I will be 39 this year. I feel like there is no light at the end of the tunnel. Why can't the greedy IRS give us a break for God's sakes. We are out here struggling our asses off to have a life but the IRS doesn't give a damn. What the hell is wrong with this country nowadays!? Something needs to give. I shouldn't have to go work two or three jobs just to get ahead in life. What's the point of living if we have to work 7 Days a week and never get to do anything nice with our lives!

[mjljacobful]

Exactly why would anybody want a tax return anyway... if so that means you overpaid. Instead of giving the government more of your money save more of your money duh...

[MLStein-txwd]

Well, did my taxes last
night and i am totally screwed! same income as last year, same deductions i
actually lowered my exemptions from 7 to 5 (home mortgage interest and property
tax totaling 11K). i have always got back between 3k-5k. this year i owe 4k!
really, really dissapointed. i am chaning my exemptions to zero (0) for next
year which means i will have about $500 less each month to pay the government
the money i owe! California taxes went up about 3 times more than last year
thanks to the Dem's in our state. 
If you don’t make much money or have kids, you are in like flint, taxes
will be way less due to the drastic increase in personal exemptions.

[salas]

I'm a pizza delivery driver and I just got screwed so bad 24, 000k miles that I could not use and over $1800 in repairs for this year that I could not claim making $8 an hour plus tips and I had to pay $1400 to the man aka (Mafia) WTF!!!! 😨😩😓😔😭😭😭😭😭😭😭😭

[MiggySmalls]

I make 30k...I only got 700 dollars back. I paid a SHITLOAD in taxes too...Only claimed "1" exemption too...

[kornpop]

How many people will pay if they have state and local taxes over $10, 000 and a mortgage larger than $750, 000?
How much will pelosi and finestine have to pay under the latest warren plan for a special tax on families with a net worth over $50 million?

[CaliVapor]

Also lost 5000 even with the “larger” child credit

[Richardhamiltonon]

I’m getting back 7 g dise year lo last year I got only 3 g . Thank to trump I’m getting a lot more . I’m getting back more I know you all getting back more