2018 New 1040 Form Summary

2018 New 1040 Form Summary

Welcome to the “simplified” 1040 Form. The new “simplified” form is shorter, yes. But to make it shorter, they had to create 6 new schedules. Yes, 6 new supporting schedules! Do these sound simple to you?

Schedule 1 – this is for taxpayers with additional sources of income (not from a W-2).

Schedule 2 – this is for taxpayers with some other form of taxes (like a child’s unearned income).

Schedule 3 – nonrefundable tax credits go here.

Schedule 4 – this is for taxpayers to add up certain taxes, like self-employment tax, uncollected SS and Medicare tax, etc.

Schedule 5 – this is to add up tax payments, such as estimated tax payments, etc.

Schedule 6 – no math here(cue the applause)! this is where you can appoint a third party designee.