What’s new for individuals on this year’s Form 1040? — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

What’s new for individuals on this year’s Form 1040?

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in Small Business Tax,Small Business Tax Deduction Strategies

To the surprise of practically no one, Form 1040 for filing 2011 returns features new twists and turns for individual taxpayers.

Alert: The usual April 15 deadline is extended to April 17 because the 15th is a Sunday and the 16th is Emancipation Day in Washington, D.C. So procrastinators have a couple of extra days to wrap things up.

The new Form 1040 incorporates modifications resulting from new laws, IRS rulings and inflation adjustments. Here’s a roundup of the key updates.

Line 15, IRA distributions: If you rolled over or converted an amount to a Roth IRA in 2010 and opted to report the taxable amount over the following two years, you must report the taxable amount for 2011 on Line 15b.

Line 16, Pensions and annuities: For distributions after 2010, you may be able to partially annuitize nonretirement plan payments from annuities, endowments and life insurance contracts. Part of the payment is tax-free, while the taxable ...(register to read more)

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