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eFileMyForms Tax Year 2018 IRS/SSA Updates

Tax Year 2018 IRS/SSA Updates

  • 1098
    • What's New?

      • Renumbered Box 10: The 2017 Box 11 Other is now Box 10 Other.
    • New Fields:

      • Box 9: Number of properties securing the mortgage.
  • 1098-T
    • What's New?

      • Removed Box 2. Box 2 "Amounts billed for qualified tuition and related expenses" was removed.
  • 1099-DIV
    • What's New?

      • Renumbered Box 5. Old Box 5 is now Box 6 - Investment Expenses.

      • Renumbered Box 6. Old Box 6 is now Box 7 - Foreign Tax Paid.

      • Renumbered Box 7. Old Box 7 is now Box 8 - Foreign Country or U.S. Possession.

      • Renumbered Box 8. Old Box 8 is now Box 9 - Cash Liquidation Distributions.

      • Renumbered Box 9. Old Box 9 is now Box 10 - Noncash Liquidation Distributions.

      • Renumbered Box 10. Old Box 10 is now Box 11 - Exempt-Interest Dividends.

      • Renumbered Box 11. Old Box 11 is now Box 12 - Specified Private Activity Bond Interest Dividends.

      • Renumbered Box 12. Old Box 12 is now Box 13 - State.

      • Renumbered Box 13. Old Box 13 is now Box 14 - State Identification Number.

      • Renumbered Box 14. Old Box 14 is now New Box 15 - State Tax Withheld.
    • New Fields:

      • Box 5: Section 199A Dividends.
  • 1099-R
    • What's New?

      • New distribution codes. We have added two new distribution codes, C and M, for box 7.
    • New Fields:

      • Date of Payment: Date of Payment for Reportable Death Benefits payout.
  • 5498
    • What's New?

      • New Rollover Code. Added code "PO" for reporting qualified plan loan offset rollovers.
  • W-2
    • What's New?

      • New Box 12 Code (GG). Code GG - Income from Qualified Equity Grants Under Section 83(i).

      • New Box 12 Code (HH). Code HH - Aggregate Deferrals Under Section 83(i) Elections as of the Close of the Calendar Year.

      • SSA Regulations. The Social Security Wage Base for tax year 2018 is $128,400.

      • SSA Regulations. The employer and employee tax rate for Social Security will be withheld at 6.2 percent (up to $7,960.80).

      • SSA Regulations. The 2018 Social Security and Medicare coverage threshold for Household wages is $2,100.
  • 1042-S
    • What's New?

      • Renumbered Box 11. Box 11 has now moved to Box 9: Overwithheld tax repaid to recipient pursuant to adjustment procedures.

      • Renumbered Box 9. Box 9 has now moved to Box 11: Tax paid by Withholding Agent.

      • IRS Income Code Updates. Income Code 54 re-classified.

      • IRS Exemption Code Updates. Added Exemption Code 23 - Exempt under section 897(i).

      • IRS Ch. 3 Status Code Updates. Removed Status Codes: 33, 36, 37, & 38.

      • IRS Ch. 4 Status Code Updates. Renamed Status Code 14. Added Status Codes 17 & 18.

      • IRS LOB Code Updates. Removed Code 01.

      • IRS Valid Tax Rates. Removed 35% & 39.6% tax rates. Added 21% & 37% tax rates.





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