Which Irs Form 13844 Update 2025

Music hello wonderful, this is Suzanne. I am here to protect taxpayers by empowering and illuminating you with easy-to-understand tax information. Today, I am bringing you eight historic tax updates that have taken place since January 1st, 2018 to December 31st, 2025. So, that's eight years that these new tax laws have been in effect. Let's start with the first update. The exact date that the IRS will open is January 28, 2019, and the deadline is April 15th, 2019. For S corporations, the deadline is March 15, 2019. Now, let's move on to tax update number two. The 1048 and the 1040 EC no longer exist. They have been replaced by a new form called 1040 that looks like a postcard and only takes up half the page on each side. This form is for individuals who only have income from sources such as interest, dividends, pensions, and Social Security. However, the new 1040 also has six schedules to choose from. Let's quickly go through each one. Schedule number one is for reporting additional income, such as self-employment income, S corporation income, rental income, capital gains, and unemployment income. It is also used to report adjustments to these incomes. Schedule number two is for paying any penalties related to health insurance, such as the penalty for overpayment when purchasing health insurance through the marketplace or Obamacare. Schedule number three is used to calculate credits for things like child and dependent care, educational expenses, and retirement savings. Schedule number four is for calculating self-employment tax, early withdrawal penalties from IRAs, and the health insurance penalty. Schedule number five is for reporting other payments and refundable credits, such as estimated taxes paid for 2018 and the net premium tax credit for overpayment of health insurance purchased through the marketplace. Schedule number six is for taxpayers with foreign addresses...