2018 Tax Year (Income)

This Blog will explain the Income categories that are reported to Taxpayers for the 2018 Tax Year. Income is reported on the Bottom Half of the new “1040 Simplified” tax form on lines 1 through 6. Taxpayers will also use the new Schedule 1 to list the individual categories of their Additional Income.

Line 1: Wages, salaries, tips, etc.

Line 2a: Tax Exempt Interest & Line 2b: Taxable Interest

Line 3a: Ordinary Dividends & Line 3b: Qualified Dividends

Line 4a: IRAs, Pensions, Annuities & Line 4b: Taxable amount

Line 5a: Social Security Benefits & Line 5b: Taxable amount

Line 6: Additional Income and Adjustments to Income. Attach Schedule 1.

Feel free to send me an email at Mike@TaxesAreEasy.com

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PDF IRS forms, instructions & publications – ©2018 Department of the Treasury Internal Revenue Service IRS.gov

Legal Disclaimer: Nothing written or expressed in this Blog shall be construed as legal, accounting, or tax advice. This Blog is for informational purposes only, to inform Individuals about the IRS tax forms required to file an individual tax return, and the instructions that accompany such IRS tax forms.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any tax transaction or filing any tax form.