Form 1040 Updates

Tax Time - FINPACK

The Tax Cuts and Jobs Act of 2017 (TCJA) is a major piece of tax legislation that has brought about changes to tax brackets and filing rules for individuals and businesses.  The TCJA has also lead to changes on Form 1040, the Individual Income Tax Return form, for 2018. With the changes to this tax form, the most recent FINPACK release – 5.10.4.1988 – includes the updated 1040 form.   This update will align with the changes you will see on the 2018 1040 Form.

Existing FINPACK Data

All existing data that has been entered in FINPACK (1040 Forms from 2017 and before) will automatically transfer as appropriate.  In reality, the collected information remains the same; the new release updated the order of the data. To assist with deciphering the differences between the newly updated 1040 Tax Form (2018) and the previous version (2017 and earlier), the FINPACK Team has created the chart below.   

  Form 1040 Line Numbers
Pre-2018 Current (2018 & later)
Wages, salaries, tips, etc. 7 1
Taxable interest 8a 2b
Tax-exempt interest 8b 2a
Ordinary dividends 9a 3b
Taxable refunds of state and local income taxes 10 Schedule 1, 10
Alimony received 11 Schedule 1,  11
Business income or loss (Sch C) 12 Schedule 1,  12
Capital Gain or loss 13 Schedule 1,  13
Other gains or losses 14 Schedule 1,  14
IRA distributions 15a 4a
IRA distributions, taxable amount 15b 4b
Pensions and annuities 16a 4a; combined w/ IRA dist.
Pensions and annuities, taxable amount   16b 4b; combined w/ IRA dist. (taxable amount)
Rental real estate, royalties, partnership, etc. (Sch E) 17 Schedule 1, 17
Farm Income or loss (Sch F) 18 Schedule 1, 18
Unemployment compensation 19 Schedule 1,  19
Social security Benefits 20a 5a
Social Security benefits, taxable amount 20b 5b
Other income 21 Schedule 1, 21
Total income 22 6
Total Adjustment 36 7
Adjusted Gross income 37 Schedule 1, 36
Total tax 63 15