Thursday, August 8, 2019

IRS Changing 1040 Forms, Again, For TY 2019

Form 1040 Returns Looks Similar to Previous Versions

The IRS published a re-formatted form 1040 in its website repository. Among the design changes, the form is no longer two half pages, but two 7.25 inch pages.  The 3rd party designee, taxpayer and preparer signature sections have returns to the bottom of page two. Amounts from wages to taxable income moved to the front page  Foreign address information has returned to the address header of page one, so that Schedule 6 is now obsolete.  IRA and pension income amounts are on separate rows; lines 4a & 4b for IRA and lines 4c & 4d for pensions. In 2019, IRA and Pension incomes were combined on lines 4a for the gross and 4b for the taxable amount. Capital Gains are reported on the front page. Payments and refundable credits have moved to page two of the 1040 making Schedule 5 obsolete.

Senior Citizen 1040 Draft Form

The IRS published a draft version of the new 1040-SR on the forms webpage.  The two page 24 line form has the more traditional 1040 layout. It references support items from Schedule A, B, D, 1, 2, and 3 and forms 8814, 4972, 8863, 8812, 8888, 8995 & 8995-A. At the bottom of page one is a traditional standard deduction chart. Form 1040-SR was mandated by Congress a few years ago.

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