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.
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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.