(800) 234-1111

FINPACK News

Form 1040 Updates

by | Apr 3, 2019

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
Technical Support | 612-625-9222 | engqu019@umn.edu | + posts
Latest News
New and Improved: Financial Ratios in FINPACK

New and Improved: Financial Ratios in FINPACK

This post highlights the updated financial ratios in FINPACK. The ratio updates are based on the recent updates to the Farm Financial Standards Council's Financial Guidelines for Agriculture. The 2022 release of the Farm Financial Standards Council's (FFSC) Financial...

FINPACK News – November Digest

FINPACK News – November Digest

The FINPACK Lenders Conference is around the corner, the FINPACK 2022 update is live including new monthly Commercial Cash Flow capabilities, and the FINPACK team at the ABA Ag Bankers conference in Omaha! Register Now for the FINPACK Lenders Conference...

The New Monthly Commercial Cash Flow Capability of FINPACK

The New Monthly Commercial Cash Flow Capability of FINPACK

What's New in the Commercial Cash Flow Tool in FINPACK? The 2022 Fall Release of FINPACK adds the capability to complete annual OR monthly cash flow projections for commercial clients. These projections can be for a few months or multiple years. This replaces the...

What’s New in the 2022 FINPACK Update?

What’s New in the 2022 FINPACK Update?

The 2022 FINPACK update brings changes to Tax Forms, incorporates new Financial Standards Measures, introduces a new Cash Flow Projection into our commercial tools and more! Farm Financial Standards Update The FINAN Financial Analysis and FINFLO Cash Flow Projection...

FINPACK NEWS Digest – October 2022

FINPACK NEWS Digest – October 2022

FINPACK lenders conference registration is open, the updated Farm Financial Scorecard, lender training, and looking forward to the ABA Ag Bankers Conference Register for the FINPACK Lenders Conference The FINPACK Lenders Conference is back in-person! Join us...