Taxing Definitions

Definitions — Spotting the differences

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Here’s the recently released draft of the 2017 Form 1040, US Individual Income Tax Return.

Download (PDF, 173KB)

And here’s the 2016 form.

Download (PDF, 188KB)


Besides the obvious change in year, can you spot three differences between the two?

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Which line still appears, though the related tax item has expired?

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Line 34. Reserved for future use. In prior years, line 34 was titled “Tuition and fees”. The tuition and fees deduction has expired. Line 34 is now shown as “Reserved for future use.”

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.

Line 42. Exemptions. The amount for each exemption for 2017 is $4,050. Exemptions are reduced for taxpayers with AGIs in excess of the “applicable amount” ($313,800 for joint filers or a surviving spouse, $287,650 for a head of household, $261,500 for a single individual who isn’t a surviving spouse, and $156,900 for marrieds filing separately).

Line 53. Residential energy credit. The residential energy credit expired December 31, 2016.


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