Huge changes are coming to your 1040 form for filing your tax returns in the beginning of 2019. You're in for an interesting surprise, so let's dive into this. My wife, who does H&R Block tax courses, informed me about these changes. She had to take continuing education courses for 2018 to prepare for 2019, and she mentioned the Tax Cut Jobs Act from 2017, which has completely transformed the filing process. The information was overwhelming, especially the concept of qualified business income (QBI), which is crucial for business owners and the self-employed. However, not many people are familiar with QBI since it is still relatively new. Secondly, there is a new 1040 form, and all the schedules and line items have been revised. Line seven, line 17, line 9, line 8, line 9, line 13, line 43, line 44, and line 47 have all undergone changes. To stay updated, you can visit irs.gov/latestforms. The draft of the 2018 form has been released, but it is advised not to file using draft forms. The IRS usually releases the final versions once all changes have been incorporated. Let's take a closer look at the new 1040 form. Page one only contains your identification information - job details, your name, your spouse's name, your address, dependents, and signature. No income or deductions are included on page one. Page two is where the breakdown of wages, salaries, and tips is now located.
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instructions 1040 (Schedule a) Form: What You Should Know
Property Tax, Sales Tax, and Property Interest Taxes | IRS.
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