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The 2017 Tax Cuts and Jobs Act brought a lot of changes to the U.S. tax system. One big change is the new Form 1040, which is now more streamlined.
(1) Because he is single, the pertinent rate table is Schedule X. [2] (2) Given that his income falls between $164,296 and $209,425, he uses the fifth bracket in Schedule X. [2] (3) His federal income tax will be "$33,602.42 plus 32% of the amount over $164,295." [2] Applying this formula to Taxpayer A, one arrives at the following result:
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
In 2020, the deadline for filing a 2019 tax return was postponed by three months to July 15 — a nearly unprecedented move that defined the turmoil of April last year.
The first individual income tax return Form 1040 under the 1913 [158] law was four pages long. In 1915, some Congressmen complained about the complexity of the form. [ 159 ] In 1921, Congress considered but did not enact replacement of the income tax with a national sales tax.
Tax season starts Jan. 29 and the deadline to file is April 15. (Credit: AP Photo/Keith Srakocic) (ASSOCIATED PRESS)
His total personal exemptions were 4 x $3,400 = $13,600. Taxable Income = $92,550 – $22,300 – $13,600 = $56,650. The tax on the Taxable Income is found in a Tax Table if the Taxable Income is less than $100,000 and is computed if over $100,000. Both are used. The Tax Tables are in the 2007 1040 Instructions.
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