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What’s new on Form 1040?

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in Small Business Tax,Small Business Tax Deduction Strategies

Due to the new American Taxpayer Relief Act (ATRA), you may be getting a later start than usual on your federal income tax return.

Alert: The IRS has now released all the final tax forms and instructions needed for the 2012 tax year. This includes changes in Form 1040 and related schedules reflecting provisions in ATRA.

Here’s a roundup of “what’s new” on Form 1040 for most taxpayers. (Other special rules may apply to farmers.)

Line 15, IRA distributions and Line 16, Pen­­sions and annuities. A taxpayer who converted or rolled over an amount into a Roth IRA in 2010 and chose to defer the resulting taxable income by reporting 50% on the 2011 return and 50% on the 2012 return must report the 50% amount for 2012 on line 15b (for ­conversions from IRAs) or 16b (for rollovers from qualified retirement plans).

A taxpayer who rolled over an amount from a 401(k) plan or 403(b) plan to a designated Roth account and chose to report th...(register to read more)

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