Just as we are starting to comprehend the Tax Cuts and Jobs Act, the IRS might be adding some new tax forms to use in 2019. Earlier this month, the IRS released several new draft tax forms for 2019. While the list of draft forms was long, the most notable forms are the 1040 and a new 1040-SR for seniors age 65 or older.
New 1040 Tax Form for 2019
If you filed your 2018 tax return, you would have noticed a significant change to the layout of the form 1040. The goal was to simplify the form and make it so that taxpayers would file their taxes on a “postcard.” Despite that “simplification,” the form 1040 is likely change again for 2019 and interestingly, it looks very similar to the 2017 form 1040. The IRS released a draft version of their 2019 form 1040 on their website and it is very similar to the 2017 form. It’s unclear why the IRS changed the 1040 form again, but below is a chart that shows the key differences between the 2018 and draft 2019 forms.
2018 Form 1040 |
2019 Form 1040 (draft) |
| Postcard format | No more postcard format. |
| Taxable Income calculated on page 2 | Taxable income calculated on page 1 (similar to 2017 form 1040) |
| Required signatures on page 1 | Required signatures on page 2 (similar to 2017 form 1040) |
| Adjustments to taxable income on page 2 | Adjustments to taxable income on page 1 (similar to 2017 form 1040) |
New Form 1040-SR
The new proposed IRS form 1040-SR is aimed at seniors age 65 or older. The form will be available for the 2019 tax year for the first time. Some of the differences between the regular 1040 and the proposed 1040-SR are: larger font for seniors to be able to read the text easier; both filers must be age 65 or older; cannot itemize on new form; has more expanded section for Social Security and other retirement benefit distributions; can only be paper filed; and does not allow for business income/loss (Schedule C).
These forms were just released and are still in draft format. It’s uncertain when, or if, they will become the new forms for 2019.
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