The IRS began accepting returns just Monday and a new study from NerdWallet finds taxpayers still don't understand the new changes.
Here are a few things to remember this year.
There's a brand new 1040 form. It's easier for 'simple' filings. But taxpayers with more complex filings will have to use a number of addendums.
The second thing to remember is there's an increase in the standard deduction. And new limitations on itemized deductions, but Minnesotans are getting a break on this. The state department of revenue said for one year only you can claim the standard deduction on a federal form but still itemize for your state taxes.
And there’s more: “You're not allowed on the federal level anymore to take moving expenses,” says Steve Warren, Steve Warren, Senior Manager at Schechter Dokken Kanter CPAs. “You still get it on the state.”
And finally, parents will want to remember, for those who qualify, the child tax credit is now $2,000 for each kid. That's double the amount under the old law.