(800) 234-1111

FINPACK News

Form 1040 Updates

by Center for Farm Financial Management | 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-2018Current (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
Latest News
FINPACK News March Digest

FINPACK News March Digest

FINPACK FAQs, Registration for FINPACK Lender Training, Consolidating Data Sources in FINPACK+, How to Import Data into FINPACK+ Credit Analysis Files, Unlocking Business Secrets wtih UCA Cash Flows and more!

Unlocking Business Secrets with UCA Cash Flows

Unlocking Business Secrets with UCA Cash Flows

In the commercial lending world, the uniform credit analysis (UCA) cash flow is a powerful tool allowing lenders to accurately determine sources and uses of cash for a business and determine the ability of a business to repay a loan. In this article, we will discuss UCA cash flows in FINPACK, how to use the UCA cash flow, and how to sleuth for discrepancies in the UCA cash flow.

How To Learn FINPACK

How To Learn FINPACK

FINPACK offers multiple training resources, including in-person, online and customized training options. FINPACK Lender Training Workshops offer two days of intensive, interactive training in-person on the University of Minnesota, St. Paul campus. Covering all the...

How to Import Data into FINPACK+ Credit Analysis Files

How to Import Data into FINPACK+ Credit Analysis Files

New data, from an external FINPACK Credit Analysis file can be imported into your institution’s
FINPACK+ Credit Analysis file for a customer. This feature allows you to add information, like
a balance sheet or cash flow projection, into an existing Credit Analysis file without overwriting the
remaining contents of the file.

Consolidating Data Sources in FINPACK+

Consolidating Data Sources in FINPACK+

FINPACK Credit Analysis allows users to consolidate the balance sheets or tax forms from several different data files into a consolidated file. For example, a farm or business may have multiple entities for tax reasons, but these entities are controlled by the same...