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IRS Announces Plan to Revise Form 1040


In an effort to help streamline the tax return filing process, the IRS recently announced that it will begin implementing a plan to streamline 1040 forms for the 2019 tax season. The changes are expected to cut the document in half and make it much easier for users to understand and complete. For more information about the anticipated changes to the 1040 form or another tax-related matter, please contact a tax return preparation attorney who is well-versed in federal tax return filing procedures and can address your concerns.

Current Forms 

Form 1040s are used by taxpayers when filing individual income tax returns and completion requires the inclusion of specific information, including:

  • The taxpayer’s filing status;
  • Whether the taxpayer qualifies for any exemptions;
  • Identification information for all listed dependents; and
  • The total number of exemptions being claimed.

Those who complete 1040s are also required to submit information about their income, including any income derived from:

  • Wages, salaries, and tips;
  • Both taxable and tax exempt interest;
  • Both ordinary and qualified dividends;
  • Alimony payments received;
  • Taxable refunds or credits;
  • A business;
  • Capital gains;
  • IRA distributions;
  • Pensions;
  • Rental properties;
  • Partnerships, royalties, or trusts;
  • Farms;
  • Unemployment compensation;
  • Social Security benefits; and
  • Any other type of income.

On the current form, taxpayers are also required to calculate their adjusted gross income, which requires the deduction of certain costs from their total income, such as:

  • Educator expenses;
  • Health savings account deductions;
  • Moving costs;
  • Alimony payments made;
  • IRA deductions;
  • Student loan interest deductions;
  • The cost of tuition and fees;
  • Business expenses of government officials, reservists, and performing artists;
  • Self-employment tax or health insurance deductions; and
  • Domestic production activities deductions.

At this point, taxpayers must account for any credits, including the foreign tax credit, the education credit, the credit for child care, and the residential energy credit. This form, although only two pages in length, requires complicated calculations, as well as the submission of a significant amount of information.

Form Changes 

According to the IRS, the new version of the 1040 to be released in 2019 will make tax filing much easier, as it will be condensed into a single page. Furthermore, all taxpayers will be able to use the same form, a practice that is in stark contrast to the current method, which involves three different types of 1040 forms. The new 1040 form will consolidate these forms into a single cohesive version. Although taxpayers will be permitted to submit additional schedules with their returns, those with straightforward, uncomplicated tax situations will only need to file a single form. These changes are expected to make it easier for taxpayers to submit their returns on time, to avoid penalties, and to ensure that they receive the correct amount when it comes to issuing refunds.

Call Today for a Free Case Evaluation  

If you live in Daytona Beach, Orlando, Jacksonville, Tampa, or Miami and have questions or concerns about a tax return, whether filed this year or last year, you need the advice of an experienced attorney. Please call dedicated tax preparation attorney Ronald Cutler, P.A. at 386-490-9949 for assistance with your legal questions. We understand that our clients are busy, so if you are unable to meet during the week, please call today and we’ll schedule a weekend meeting at your earliest convenience.