13 Feb Estimated tax payments and the new tax forms

Q. Just saw the new 1040 form but I can’t find where one lists estimated tax payments. Help!
— Confused

A. There were big changes to tax law last year, so of course the 1040 was also changed.

“The Internal Revenue Service has completely revamped Form 1040 after being requested by Treasury to improve the 1040 filing experience, following the many changes made by The Tax Cuts and Jobs Act,” said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Eatontown.

The short answer to your question is that you can add your estimated tax payments on Schedule 5.

Becourtney said Form 1040 itself continues to be two pages in length, with six new schedules developed. Worth noting:

• No income or deduction entries appear on page 1.
• Page 2 has lines for various income items, such as wages along with summary entries for additional income, the tax and payments.
• Schedule 1 reports additional income and adjustments to income such as IRA contributions.
• Schedule 2 is primarily for reporting Alternative Minimum Tax.
• Various credits are reported on Schedule 3.
• Other taxes, such as self-employment and household employment taxes, are reported on Schedule 4.
• Estimated tax payments and extension payments are reported on Schedule 5.
• Finally, Schedule 6 is used to report a foreign address or to announce a third-party designee (tax preparer).

In addition to these changes, the IRS has eliminated both Form 1040-EZ and Form 1040-A – the short form, Becourtney said.

“Taxpayers that in prior years filed either Form 1040-EZ or 1040-A will likely only need to file the two-page Form 1040 without any of the six schedules,” Becourtney said.

Good luck completing your tax return.

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