There are lots of changes to the 2018 IRS form 1040 and related schedules. The form 1040 is still 2 pages (sort of), but it is 2 half pages. It appears they could have fit it on a single page. Forms 1040A and 1040EZ are no longer in use.
Even though the 1040 form is half the size of previous years, there are at least 6 new schedules (Schedule 1-6)) that may be needed to include the data left out of the new 1040 form. Previous schedules, (Schedules A-F and more) are still in use.
The form 1040 instructions are 117 pages for 2018 versus 107 pages for 2017.
Prior years forms, instructions, publications. (prior to 2018)
continued...
What's new as reported by the IRS:
Standard deduction increase from $6,350 to $12,000 (individual) or $12,700 to $24,000 (married filing joint). However, the 2017 $4,050 per person/dependent personal exemption is no longer in use.
No longer using personal exemptions (suspended) (2017 $4,050 per person/dependent personal exemption).
Increased child tax credit (2018 - $2,000 vs. 2017 - $1,000) and additional child tax credit (maybe $500 and is nonrefundable). However, again they have removed the personal exemptions of $4,050 per person/dependent.
New nonrefundable credit for eligible dependents that cannot be claimed for the child tax credit.
Social security number (SSN) required for child tax credit.
Qualified business income deduction.
Changes to itemized deductions.
Your overall itemized deductions are no longer limited because your adjusted gross income is over a certain
limit.
Your deduction of state and local income, sales, and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if married filing separately).
You can no longer deduct job-related expenses or other miscellaneous itemized deductions that were subject to
the 2%-of-adjusted-gross-income floor.
Alternative minimum tax (AMT) exemption amount increased.
Section 965 deferred foreign income.
Global intangible low-taxed income (GILTI) under section 951A.
Domestic production activities deduction, repealed with limited exceptions.
Expired tax benefits.
At the time these instructions went to print, some tax benefits had expired.
These include:
the deduction for qualified tuition and fees,
the mortgage insurance premium deduction,
and the nonbusiness energy property credit.
To find out if legislation extended any of these provisions so you can claim them on your 2018 return, go to
IRS.gov/FormsUpdates or IRS.gov/Form1040.
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There's a whole lot of wasted
There's a whole lot of wasted paper on this year's 1040. The return is half the size, but it still has to be printed on regular 8.5x11 paper. Leaving aside the actual tax changes, the new form itself is a parody of reform.
Any other year it would make headlines for ridiculousness.
Hah! I didn't look at each of
(in reply to jah)
Hah! I didn't look at each of the schedules 1-6. Hmmmm... Couldn't they have combined some/all onto 1 or 2 sheets of paper?
Wish the IRS still offered
Wish the IRS still offered the 1040A and 1040EZ. In my opinion, it would make it easier for those of us who use the form 1040.
In 2018, with the changes to the 1040 we now have to file three extra schedules. All the data is basically the same, just have to jump around more.
Kinda of funny how the new 1040 schedules 1-5 use basically the same line numbers as was on the old 1040.