Jan 19 2009
Everyone can use the Form 1040 to report their income, to claim various deductions and credits, and to calculate their tax. However, some individuals may benefit be able to use the shorter Form 1040-EZ or Form 1040A, which can help reduce the amount of time you spend preparing your tax return.
What's New for 2008
For many people, preparing Form 1040 for tax year 2008 will be similar to last year's tax return. However, there are several important changes in the tax law affecting many in America. Here's some highlights.Recovery Rebate Credit
A one-time credit if you did not receive the economic stimulus rebate in 2008, or if your rebate is higher when calculated using your 2008 information.
Additional Standard Deduction for Property Taxes
Homeowners who don't itemized can take an additional standard deduction of $500 (or $1,000 for married couples filing jointly) for property taxes paid in 2008. This is a one-time only deduction.
Mortgage Insurance Premiums May be Deductible
The deduction for mortgage insurance premiums has been extended through 2010. Prepaid premiums may also qualify to be deducted over time as well.
Quick Links to IRS Tax Forms and Instructions
- Form 1040 (PDF)
- Instructions for Form 1040 (PDF) includes the tax tables
