White House rolls out new postcard-sized 1040 tax return for 2019

[mystery-ak]

White House rolls out new postcard-sized 1040 tax return for 2019
by Joseph Lawler
 | June 29, 2018 01:02 PM



The Trump administration unveiled new IRS Form 1040s Friday, saying they were "postcard-sized" to reflect the tax overhaul's simplification of the tax code.

The new two-page 1040 will replace the old one, as well as the old 1040A and the 1040EZ. The Treasury said all 150 million taxpayers will use the new form.

“As part of the historic Tax Cuts and Jobs Act, this Administration committed to making taxes simple and fair for American families. We are delivering on this promise,” Treasury Secretary Steve Mnuchin said in a statement. “The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers.”



more
https://www.washingtonexaminer.com/policy/economy/white-house-rolls-out-new-postcard-sized-1040-tax-return-for-2019

[Frank Cannon]

The Treasury said all 150 million taxpayers will use the new form.

Come again? How about those of us who have businesses and use the different schedules?

[ABX]

I noticed that something seemed off as that form they are showing has no place for, well, actual values... they didn't actually remove everything you need to calculate, you just do that separately. This appears basically to be a streamlined version of just page 1. You still have to fill out on separate paperwork, all the income and deductions that you do now.

While the form is smaller in size, filers will need to calculate and enter supplemental information to fill out its boxes....

“The administration’s new tax form is a smokescreen designed to conceal paperwork, additional calculations, and Trump’s broken promise to simplify the tax code,” said Sen. Ron Wyden of Oregon, the top Democrat on the Finance Committee. “It won’t take long for America to realize this postcard isn’t simple — it’s simply complicated."

[Elderberry]

It may be the size of a postcard. They are only showing you one little square. You need a microfiche reader to see the rest.

[ABX]

It may be the size of a postcard. They are only showing you one little square. You need a microfiche reader to see the rest.

I may want to bookmark this thread for tax season next year. I suspect you are exactly correct. (or pretty close to correct)

[Elderberry]

Here's the backside

[Elderberry]

https://www.accountingtoday.com/news/irs-and-treasury-preview-postcard-size-draft-form-1040

Also, while the form itself has been shortened it may not actually simplify the tax prep process since it now requires attaching five other schedules, in addition to Schedule A for taxpayers who choose to itemize rather than taking the expanded standard deduction that was doubled by the Tax Cuts and Jobs Act.

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, criticized the new tax form. “The administration’s new tax form is a smokescreen designed to conceal paperwork, additional calculations and Trump’s broken promise to simplify the tax code,” he said in a statement. “It won’t take long for America to realize this postcard isn’t simple – it’s simply complicated. Just like the rest of Trump’s tax law the middle class is not going to fall for this con.”

[RoosGirl]

The Treasury said all 150 million taxpayers will use the new form.

Come again? How about those of us who have businesses and use the different schedules?

Hahah, no more itemized deductions for all those "business lunches" at the stripper bar.

[Frank Cannon]

Hahah, no more itemized deductions for all those "business lunches" at the stripper bar.

That's alright. Somehow magically my income will be lowered to $4 in upcoming years.

[ABX]

The Treasury said all 150 million taxpayers will use the new form.

Come again? How about those of us who have businesses and use the different schedules?

You'll just attach one of the new addendums to it.

This part just covers any healthcare deductions.

[RoosGirl]

That's alright. Somehow magically my income will be lowered to $4 in upcoming years.

You've probably got something figured out where they end up owing you money.