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Potential Changes to Form 1040

In 2018, the Internal Revenue Service (IRS) made drastic changes to Form 1040, U.S. Individual Income Tax Return. It eliminated 50 lines on the main form, added six new Schedules, and more changes are to come in 2019.

Recently, the IRS released a draft of the 2019 Form 1040 that has some noticeable changes:

  • The signature page has been moved from page 1 to page 2.
  • Additional information is required for taxpayers filing Married filing separate, Head of household, or Qualifying widow(er).
  • Summary of income items moved from page 2 to page 1.
  • Healthcare coverage is no longer mandatory, so the checkbox has been removed.
  • Standard deduction was moved from page 2 to page 1.
  • The earned income credit, additional child tax credit, and American opportunity credit now have separate lines.
  • Third party designee was moved from page 1 to page 2.
  • Schedules 4, 5, and 6 were removed

Although the changes are small, they will have a significant impact on the 2019 tax season.

The 30-day comment period just ended on August 15, 2019. The Form will be finalized once approved by the Office of Management and Budget. Until then, the IRS cautions everyone to not file or rely on draft forms, instructions, and publications.