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Is the 1040ez going away?

Asked by: Rossend Ferrari

asked in category: General Last Updated: 3rd January, 2020

Is the 1040ez going away?

So where is Form 1040EZ? The 1040EZ was eliminated as part of the Tax Cuts and Jobs Act. And it wasn’t just the 1040EZ that disappeared. The 1040EZ, 1040A, and standard 1040 have all been replaced for tax year 2018 with a new simplified 1040 form.

Consequently, what replaced the 1040ez?

Form 1040EZ was a shortened version of Form 1040 for taxpayers with basic tax situations. The form was discontinued as of the 2018 tax year and replaced with the redesigned Form 1040.

what is the difference between a 1040 and 1040ez? The difference between these federal income tax forms is the relative simplicity of short forms 1040EZ and 1040A — compared to the longer, more complex Form 1040. Using the shorter tax forms can simplify your tax preparation. Each of these tax forms has the same set of purposes, including: Reporting your income.

Simply so, did federal taxes go down in 2020?

In tax year 2020, the IRS is also raising the standard deduction to $12,400 for individuals (from $12,200) and to $24,800 for married joint filers (from $24,400). The standard deduction has become more important than ever since 2018, when it rose to a high enough level that many taxpayers chose to stop itemizing.

Will I get more taxes back in 2020?

Taxes 2020: When to file and what changes to expect. The average federal income tax refund was $2,869 in 2019 based on returns filed through Dec. 27, 2019. That’s down slightly from an average of $2,910 in 2018.

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