Draft Copy of 2018 Form 1040

Post Date: 6/27/18
Last Updated: 6/27/18


Certain news organizations have posted the internal use only draft copy of the 2018 Form 1040. This internal use only draft copy is dated June 22, 2018, and is subject to change.

The draft copy appears to attempt to fulfill the "postcard sized" tax return that politicians claimed would be the result of the tax law changes enacted by the Tax Cuts and Jobs Act. In making the 1040 smaller in size, at least six new schedules were created that need to be attached to the 1040. The new 1040 along with the new schedules are described below:

Form 1040, page 1. Includes taxpayer's name, address, tax IDs, filing status, check boxes for if someone else can claim the taxpayer or spouse as a dependent, names, relationship, Child Tax Credit, and IDs of dependents, and signature lines.

Form 1040, page 2.
Line 1 Wages, salaries, tips, etc.
Line 2 Interest
Line 3 Dividends
Line 4 IRAs, pensions, and annuities
Line 5 Social Security benefits
Line 6 Total income from lines 1 through 5, plus any additional income from Schedule 1
Line 7 AGI: Any adjustments to AGI are calculated on Schedule 1
Line 8 Standard deduction or itemized deductions from Schedule A (Form 1040)
Line 9 Qualified business income deduction
Line 10 Taxable income
Line 11 Tax: Includes Form 8814, Form 4972, and any additional amount from Schedule 2
Line 12 Child Tax Credit: Includes any additional amount from Schedule 3
Line 13 Subtract line 12 from 11
Line 14 Other taxes from Schedule 4
Line 15 Total tax: Add lines 13 and 14
Line 16 Federal income tax withheld from Forms W-2 and 1099
Line 17 Refundable credits: EIC, Schedule 8812, Form 8863, and any additional amounts from Schedule 5
Line 18 Total payments (line 16 plus line 17)
Line 19 Amount overpaid (subtract line 15 from line 18)
Line 20 Amount taxpayer wants refunded (includes Form 8888 and direct deposit info)
Line 21 Amount of refund applied to 2019 estimated tax
Line 22 Amount owed (subtract line 18 from line 15)
Line 23 Estimated tax penalty

Author's Comment: With 37 lines on the front page of the 2017 Form 1040 plus all of the name, address, IDs, and dependent information, it appears the IRS could have fit all of the new 2018 Form 1040 items on one page rather than 2 half sized pages.

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