New Form 1040 omissions

[Joe Btfsplk]

Since congress failed to extend several expiring write-offs and the forms have already sent the forms to the printer, taxpayers will have to use lines for other items assuming the expired write-offs are restored.
Accordilng toThe Kiplinger Tax Letter:

College tuitiion will go on line 35 (now used for domestic production write-off)
Teacher supplies will go on line 23 (Archer MSA deduction line)
State sales tax will go on Schedule A, line 5.

Probably The Tax Book will be updated to show these if the deductions are extended.

[dyne]

Drake Tax Software will have a line in the software for the teachers $250 expense, tuition deduction and general sales tax deduction IF they are enacted and will enter the amounts on the proper line along with a designation code.

[Bees Knees]

Is Kiplinger quoting an IRS spokesperson on this? Or are they just speculating what IRS will do?

The final 1040 is already out. If I were to put money on it, my bet would be the Educator expense deduction and the tuition and fees deduction would be added to line 36, along with all the other miscellaneous items. That way the form does not have to be re-issued. Only the instructions.

[Jiggers]

Luv the complication

More fees. Hope the IRS and the new Congress keeps it complicated. Talk about job security.

[Joe Btfsplk]

To speculate or not to speculate, that is the question.

[QUOTE=Bees Knees]Is Kiplinger quoting an IRS spokesperson on this? Or are they just speculating what IRS will do?

The newsletter didn't give their source, so it may be speculation.

Tax software will probably be adapted to take care of it regardless of what takes place.