The Internal Revenue Service has released, early this year, the draft versions of the 2022 Form 1040 and accompanying schedules. Click here. The draft 2022 Form 1040-SR has not yet been released.
The 2022 Schedule A appears to be exactly the same as the 2021 Schedule A. I haven’t reviewed the other 1040 schedules (and have no real desire to do so at this point).
But there have been several changes to the Form 1040 –
* 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”.
The final Form 1040 may be different from this initial draft version – which represents tax law in existence as of this writing. Who know if Congress will, as they often do, FU things by passing retroactive tax legislation late in the year?