U.S. Form 1040 Continues to Evolve for 2019
The IRS is modifying the design of Form 1040, U.S. Individual Income Tax Return.
A recently released draft is the second major overhaul in two years of this widely-used income tax declaration. Fortunately, the changes should be well-received by taxpayers and tax service providers.
The most recent round of draft changes brings welcomed consolidation of key information into fewer schedules. While the 2018 Form 1040 included 6 supporting schedules, the 2019 draft form only includes 3 schedules.
The reduction in schedules has been accomplished by relocating information previously on a schedule to the main body of Form 1040 and consolidating the remaining schedules as follows:
Schedule 1 – Additional income and adjustments to gross income,
Schedule 2 – Additional taxes (combines information on 2018 schedules 2 and 4) and,
Schedule 3 – Additional credits and payments (combines information on 2018 schedules 3 and 5).
The draft form may be viewed by clicking the link below.Read full article »
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