The IRS has issued the final version of the series 1040 forms and schedules. To see the final forms go here and enter “Form 1040” at FIND.
There have been several minor changes to the Form 1040. The final 1040 is the same as the previously issued “draft” version –
* The virtual currency question has been refined for those involved with BitCoin and other “virtual” or “digital” investments.
* While the amount of content on each page has expanded the 1040 still does not completely cover a normal 8½ x 11 page (as the pages of the 1040-SR do). God only knows why.
* Line 1 to report wages, salaries, tips, etc, from Form W-2 has expanded, for some unknown reason, to 10 “sub-lines” to separately report a multitude of obscure wage-based income items. If separate identification was needed why is it not added to Schedule 1? These new lines are a waste of 1040 space and only add to taxpayer confusion.
* A Line 6c under the reporting of Social Security benefits has been added as a checkbox to indicate the taxpayer is making a “lump sum election” for Social Security reporting.
* The line – 12b last year – for claiming the “non-itemizer” charitable deduction has been removed since this deduction has expired and is not available for 2022.
* The sub-lines for Line 27, where the Earned Income Credit is claimed, have been eliminated as the special considerations applicable on the 2021 return that necessitated these additional sub-lines have expired and are not available for 2022.
* Line 30 – used in 2021 for the Recovery Rebate Credit – remains on the 2022 Form 1040 identified as “Reserved for future use”.
Similar changes have been made to the 2022 Form 1040-SR.