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Based on Exhibit 4-2, Form 1040. Please see attached Forms1040 for 2018 and 2017. Note three similarities and three differences between the 2017 tax form and the 2018 draft form 1040 Three differences: 2. 3. Three similarities: 2. 3. Comment
1040U, Individual Income Tax Retum21sr Home addressnuber and str you have a PO bex, see instrutions 1 Single Mamied fling jointly leven if only ane had income Check only one3Married fling separately. Enter spouses SSN above and ful name here. □Yourselt. someone can claim you as a dependent, donot dea beta la e Dependent more than four rstructions and Check here d Total number of exemptions claimed 7 Wages, salaries, tips, etc. Attach Form) W-2 8a Taxable inteest Attach Schedule B if requied Income b Tax-exempt interest. Do not include on lineSa Attach Forms W-2here. Also attach Foms W-2G and a Ordinary dividends Aftach Scheduie B t required b Qualified dividends 10 Taxable refunds, credits, or offsets of state and local income taxes Aimony received 12 Busness rene or Ooss. Attach Sched e C or C EZ 13 Capital gain or (loss) Attach Schedue D E required. tl not required, check here13 14 Other gains or (osses). Atach Form 4797 you did not get a W-2 see instructions. 1a IRA distributions 16a Pensions and annuities 16a 17 Rental re-estate, roystes, partertps3 corporator·trusts. et. Atach Schedule E 8 Farm income or lossj. Attach Scheduie F 19 Unemployment compensation b Taxable amount 17 - 21 Other income. List type and amount 22 Combine the amounts in the tor right column for lines 7 hrough 21 This byour ttalincome 23 Educator expenses 24 Certain busness expenses of reservists peforming atists, and Adjusted Gross ee-bais govement officials Aach Form 2106 or 2106-E2 24 25 Health savings aocount deduction.Aftach Form 88892 26 Moving experses Atach Form 3903 27 Deductble part of sell-employment tax. Attach Scheduile SE 27 28 Sel-mployed SEP·SIMPLE. and qualtied plas 29 Self-employed health insurance deduction. 30 Penalty on eaty withdrawal of saving 31a Allmony paid b Recipients SSN 32 IRA deduction 33 Student loan interest deduction 34 Tuition and tees Attach Form 8917 35 Domestic production actvities deducton. Aftach Fom 8903 35 6 Add lines 23 through 35 37 Subtract line 36 from ine 22 This is yor adjusted gross income For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions Cat Na 113200 Fom 1040 201)
Fom 104O 7 2 38 Amount from line 37 (adjusted gross income) 39aOeal □You were born before January 2, 1953, ロBird ]Total bo es f: spouse was bom befom January 2, 1953, Bird lehecked > 210 『your spouse bennzes on a separateretm or you w饑aduaHtats ale-check tee 2R0 Credits b Standard 0temized deductionsfrom Schedule A) or your standard deduction (see left margin 41 Subtract ine 40 from ine 38 People who! 42 Exemptions. itine 38s$156.900 or less, yS4D60 by the number on ine 6·0eew。 see mh box ble income. Subtract Iine 42 tfrom line 41. ine 42 is more than Ine 41,enter- Tax o nstructions) Check any tomFormis) 814 Fam 4972 claimed asa 45 Alternative minimum tax (see instructions), Attach Form 6251 6 Excess advance premium tax credit repayment. Actach Farm 8962 nstructions 47 Add lines 44,45, and 4 Sing48 Foreign tax credit. Atach Fom 111i required Mamied täng49 Credit for child and dependent care expenses Attach Form 2441 49 8350s0 Educaion oredits from Form 8863, ine 19 Mamied ting 51 Retirement savings contibutions credt. Attach Form 8880 52 O ld tax oedt Attach Schedule 8812, ส required. 53 Residential energy credits Attach Fom 569 55 Add lines 48 trough S4. These are your total credits s6 Subtract ine 55 trom ine 47. line 55 is more than line 47 enter-O 7 Self-employment tax. Attach Schedule SE 58 9 Addtional tax on RAs other qualified retirement plans etc Attach Fom 5329 eqe 60a Household employment taxes from Schedule H Unreported social security and Medicare tax from Form: 41379 Other Taxes b Fist-time homebuyer credit epayment Attach Fom 5405 i equired 1 Health care: individual responsibity (see instructions) Fuli year coverage 62 Taxes fromForm 8959 b Form 8960 einsructions; enter codes 63 Add lines 56 trough 62 This is your total tax Payments 64 Federal income tax withheld from Forms W-2 and 1099 if you have a 66a Eamed income credit (EC) Schedule EiC 7 Additional child tax credt Aftach Schedule 8812 65 2017 stimated tax payments and amount applied from 2016tum 65 b Nontaxable combat pay eection 666 68 American opportunity aredit trom Form 8863 line 69 Net premium tax oredit. Atach Form 8962 0 Amount paid with request for extersion to fle 1 Excess social secufity and ter 1 RRTA ax withheld 72 Credit for federal tax on fuels. Attach Form 4136 74 Add lines 64.65,66a and 67 through 73. These are your total payments Refund 75 ine 74 is more han ine 63, subtract ine 63 from line 74. This is the amount you overpaid 5 76a Amount of line 75 you want refunded to you t Form 8888 s atached, check here d Account number 77 Amount of ine 75 you want applied to your 2018 estimated tax7 Amount8 Amount you owe. Subtract line 74 from line 63.For detals on how to pay, see instuctions You Owe 79 Estimated tax penaity see instructionsl Third Party Do yau want to alow ancther person to disouss thias retum with the IRS (se instructior omgliete betoNo Designeein Sign Parsona Kap a copy Spouses sigture. ajoint both must sDae Prepare Use Only Fom 1040 t
2018 CMS No 58.390aeo U.S. Individual Income Tax Return iing status Your first name and initial Marned Mariad Haad of household Last name Your social security number Your standard deduction If joint netum, spouseS first name and initial You were bom before 1954 You ane blind Last name Spouse standard deductionSomoone can claim your spouse as a dependent Spouse was born before January 2, 1964 Spouse is bind Home address (number and stroet. If you have a P.O, box, see instructions or axempt (see inst Presidential Election Campaign Spouse itomizes on a separate roum or you were dual-status alion Apt. no. City,town or post office state, and ZIP codo. If you have a foroign addross, attach Schedule more than four depondents, ) Social security number Relationship toyou Child tax cradt Cradit for ofher depandents Here Jont eturm? Your signature Date Your occupation If the IRS sant you an ldenity Protuction Kaep a copySpouses signature if a joint netum, both must sign. Date If the IRS sant you an ldenltity Protaction your racords Paid Preparer Use Only For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Proparors name Preparors signature PTIN rms EIN Chack t Firms name Ct No. 113208 Fom 1040 po
Form 1040 Q0180 Pags 2 1 Wages, salaries, tips, etc. Attach Forms) W-2 b Taxable intorest b Ordinary dividends b Taxablea amount b Taxable amount and anuiti Sa Social security benetts 6 Total income Add lines 1 through 5 Add any amount trom Schedule 1, lino 22 Aasted gross rooma.สyou have no atstnants to income, enter th@ amont trom Ine 6; otherwoo, subtract Scheduis 1, ine 36, from line 6 Standard deduction or itemized deductionsrom Schadule A 12,000 Taxable roon. Sttract ﹄es 8 and 9 torine 7, two or less, enter .0- けeatv.on: 1 [コForma10014 2[]Fom4072 3□ b Add any amount from Schedulo 2 and chack hare bAad any amount fom Schds 3 and check 12 Other tax Atach Schedule 4 Total tax. Add lines 13 and 14 Federal income tax withheld from Forms W-2 and 1000 b Sch. 8812 c Form 8803 Add any amount from Schodue5 17 10 If ine 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid 20a Amount of line 19 you want refunded to you Form 8888 is attached, chack here Refund Type: Checking Saving Amount YouOwe 22 Amount you ows Subtract line 18 from line 15.For detals on how to pay, soe instructions Go to www irs govFom1040 for instructions and the latost information Fom 1040 po
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Answer #1

Solution:-

Three differences:-

  1. Personal exemptions. There are no personal exemptions available for the tax years 2018 through 2025, so those line items have been removed on the first and second pages of the form 1040.
  2. Dependents. On the 2017 form 1040, there was space on the front page to list four dependents, but the draft form eliminated two lines, meaning families like mine (I have three kids) would need to add another page. That’s been changed in the final version to again include space for four dependents (thanks, IRS).
  3. Income reporting. The income reconciliation (that block on the front page where you used to transfer your items of income from separate schedules) has been moved from the first page of the return to the second. Income from each of Schedules C, D, E, and F are now reported on a new Schedule 1.

Three similarities:-

  1. Names and Social Security Numbers. The spaces for names and Social Security numbers remain largely the same.
  2. Presidential election campaign. The option to contribute to the Presidential election campaign is the same.
  3. Signatures. The spaces for signatures remain on page one and are largely the same, but there is no longer a separate signature box on page two.

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