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 |
