Form 17 Us Individual Income Tax Return 17 Ten Quick Tips For Form 17 Us Individual Income Tax Return 17
Most of the accoutrement in the Tax Cuts and Jobs Act absolutely change the tax mural for the 2018 tax year, while some changes retroactively affect the 2017 tax year.
No amount the chicane of Congress, you can still use Microsoft Excel to actuate your clients’ tax accountability for 2017, as able-bodied as plan for 2018. Let’s alpha with the 22nd spreadsheet-based adaptation of Anatomy 1040, formally accepted as the US Individual Assets Tax Acknowledgment is now accessible for chargeless at www.excel1040.com.
Note that this year you charge aboriginal apprehend through a abnegation afore you can download the spreadsheet, so be on the anchor for the Abnegation link. Glenn Reeves, an electrical architect from Burlington, Kansas, has been tweaking and convalescent this spreadsheet-based tax software back the mid-1990s. In December 2016, the claimed accounts web armpit The Balance, dubbed Mr. Reeve’s spreadsheet their admired out of 18 software programs.
Mr. Reeves’ spreadsheet empowers anyone to adapt their tax acknowledgment spreadsheet application Excel 2007 and later. Two years ago, he had to carelessness a “lite” adaptation that offered broader affinity with added spreadsheet applications. Increasing complication in the tax cipher requires the avant-garde XLSX certificate format. The busy formatting that replicates the dozens of IRS forms and worksheets comprised in this workbook artlessly afflicted the capabilities of the now anachronistic XLS certificate format.
As always, be acquainted that Mr. Reeves does not action any affirmation that the IRS will acquire printed versions of his spreadsheet. He chooses to book his acknowledgment online afterwards accretion his acknowledgment in Excel.
The spreadsheet can be advantageous to citizens currently residing alfresco the country, as the encryption acclimated aural acceptable tax acknowledgment software programs generally isn’t exportable to added countries. Further, he’s accustomed acknowledgment that his software has helped taxpayers abate their accountability by anecdotic deductions that added tax software programs acquire bootless to reveal.
Figure 1: Yes, you can complete a 2017 federal assets tax acknowledgment in Microsoft Excel.
The 2017 adaptation of the spreadsheet includes both pages of Anatomy 1040, as able-bodied as these added schedules:
• Schedule A: Itemized Deductions
• Schedule B: Absorption and Ordinary Dividends
• Schedule C: Profit or Loss from Business
• Schedule D: Capital Gains and Losses (along with its worksheet)
• Schedule E: Added Assets and Loss
• Schedule F: Profit or Loss from Farming
• Schedule SE: Self-Employment Tax
• Anatomy 1116: Foreign Tax Credit
• Anatomy 2210: Underpayment of Estimated Tax by Individuals, Estates, and Trusts
• Anatomy 2441: Child and Dependent Care Expenses
• Anatomy 2555: Foreign Becoming Income
• Anatomy 6251: Alternative Minimum Tax – Individuals
• Anatomy 8283: Noncash Charitable Contributions
• Anatomy 8889: Health Savings Accounts (HSAs)
• Anatomy 8949: Sales and Dispositions of Capital Assets
• Anatomy 8959: Added Medicare Tax
• Anatomy 8960: Net Investment Assets Tax – Individuals, Estates, and Trusts
• Anatomy 8962: Premium Tax Acclaim (PTC)
The spreadsheet additionally includes several worksheets:
• Line 10: State and Bounded Assets Tax Refund Worksheet
• Lines 16a and 16b: Simplified Method Worksheet
• Lines 20a and 20b: Social Security Benefits Worksheet
• Line 32: IRA Deduction Worksheet
• Line 33: Student Loan Absorption Deduction Worksheet
• Line 40: Standard Deduction Worksheet for Dependents
• Line 42: Deduction for Exemptions Worksheet
• Line 44: Qualified Assets and Capital Gain Tax Worksheet
• Line 52: Child Tax Acclaim Worksheet
• Line 66: Becoming Assets Credit
• Becoming Assets Calculation
Five added worksheets complete the tool:
• A abnegation worksheet that additionally includes a high-level summary
• A new Instructions worksheet
• W-2 ascribe forms that advance up to four administration and their spouse
• 1099-INT absorption assets ascribe forms for up to ten payers
• 1099-DIV assets and distributions for up to ten payers
• 1099-R retirement ascribe forms for up to nine payers anniversary for a aborigine and their spouse
• SSA-1099 ascribe anatomy to almanac Social Security benefits
• An EIC (earned assets credit) table
• A tax table
• A change worksheet that annal revisions to the spreadsheet
All of the worksheets included in the 1040 workbook are password-protected, and best of the formulas are hidden. However, you can add new worksheets to the book or actualize links to added workbooks.
Mr. Reeves agilely restricts admission to the adequate cells; and contends that a bit of abstraction will appearance that there’s no charge to adapt the formulas. As apparent in Amount 2, the spreadsheet offers some bound absurdity checking.
Figure 2: The spreadsheet offers bound error-checking prompts.
Never one to blow on his laurels, Mr. Reeves has additionally appear a 2018 Federal Assets Tax Planner, which incorporates the 2018 tax law “as best as [he] can amount it out.” Although optional, Mr. Reeves does acquire donations for his work.
The absolute donations accustomed grows bigger every year, which encourages him to abide to accompany this “labor of love.” Mr. Reeves letters all amounts on his tax acknowledgment as income, in accession to casual a allotment of all donations on to his bounded church. Spreadsheet-based versions of Anatomy 1040 are accessible for tax years 1996 through 2017 at www.excel1040.com.
Direct questions apropos this Excel 1040 anatomy to Glenn Reeves via his website. See the FAQ folio if you’re absorbed in allowance him analysis the spreadsheet and ensure its connected existence.
Form 17 Us Individual Income Tax Return 17 Ten Quick Tips For Form 17 Us Individual Income Tax Return 17 – form 1040 us individual income tax return 2017
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