New on the 2010 Form 1040

http://finance.yahoo.com/taxes/article/111872/whats-new-on-1040-in-2010?mod=taxes-filing

Due Date is April 18

No More Phase-Outs for Itemized Deductions and Exemptions

Liberalized Adoption Credit

One-Time Break for Self-Employed Individuals

Homebuyer Credit Repayment Rules Kick In

As I explained in an earlier column, you may have to repay part or all of the credit claimed for a 2008 or 2009 home purchase with your 2010 Form 1040.

In most cases, however, only those who purchased homes in 2008 will be affected. They will generally have to repay 1/15 of the credit with the 2010 Form 1040. If this rule impacts you, fill out Form 5405 (First-Time Homebuyer Credit and Repayment of the Credit), and enter the repayment amount as an addition to your tax bill on line 59 of Form 1040.

Real Estate Tax Deduction for Non-Itemizers is Gone

Deductions for Sales Taxes on New Vehicle Purchases Are Gone

Break for Unemployment Benefits Is Gone

In 2009, the first $2,400 of unemployment benefits was federal-income-tax-free. This break was not continued for 2010. Therefore, 100% of 2010 unemployment benefits generally must be reported as income on Form 1040 (use line 19).

Your Tax Preparer Might E-File Your Return This Time

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