Form 1040 – U.S. Individual Income Tax Return
Along with a change in tax laws, another visible change that taxpayers will have to deal with when filing their 2018 Tax Returns is the “new and improved” Form 1040. Gone are the 3 options available for taxpayers for years 2017 and prior, 1040, 1040A, and 1040EZ. Therefore, since Forms 1040A and 1040EZ are gone, the best comparison is between 2017 and 2018 Forms 1040.
2017 Form 1040 has now been separated into one main form and 6 additional schedules. In this series, we will try to help you navigate through the new form.
Page 1 - Includes personal information for the Taxpayer, Spouse and Dependents in much the same way the old form used to show this information. On this page, you will find information fields for the paid preparer, again similar to the old form. And finally, signature blocks for all applicable parties will be found on this page. In previous years, these information fields would have been found in the 2017 Form at the very beginning and at the very end of Page 1 and 2, respectively.
Page 2 - The majority of basic returns, ones reporting only wage income with standard deductions, will use this form and report that information on page 2. This page can also be seen as a summary page for items detailed throughout the schedules, when necessary. Additionally, you can find your annual tax liability as well as refund or amounts due on this page.
Schedules 1 and 2 next…