Do You Know About the Changes on IRS’s 2017 Draft Form 1040?

October 31, 2017 by Ed Becker

Accounting Today shares some of the changes on the IRS’s 2017 draft form 1040.   Here are a sampling of the changes on the draft form:

• Form 1040’s due date is Apr. 17, 2018
•  There are new mailing addressing for returns, if you are a  resident of Connecticut, the District of Columbia, Maryland, Pennsylvania, Rhode Island and West Virginia.  The new mailing addresses are listed at “Where Do You File?” in the Form 1040 instructions.
• Form 1040—Tax and Credit – See line 40. Itemized deductions or standard deduction: For 2017, the standard deduction is $6,350 for single filers and for married persons filing separately, $12,700 for joint filers and qualifying widow(er)s, and $9,350 for heads of household.
• Form 1040—Other Taxes – See line 57. Self-employment tax: The maximum amount of self-employment income subject to FICA tax is $127,200; there is no ceiling on Medicare wage base.

Please note that this is but a sampling of the changes and this is currently a draft.  As always, consult with your trusted tax professional when the time comes to file.

To Know More:  What’s new on the 2017 draft Form 1040