Taxpayers will be able to file federal income taxes starting next filing season on a new postcard-sized Form 1040. The IRS officially released the draft 2018 Form 1040 on June 29.
Draft Form 1040
The new Form 1040 will be finalized this summer as IRS works with the tax professionals to finalize the form. The IRS says that this early release is part of a standard process to invite input into draft forms.
Treasury Secretary Steven Mnuchin has reportedly said the new Form 1040 is nearly finalized. “The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers,” the Secretary said.
The new, two-sided Form 1040 will replace and unify current Forms 1040, 1040A and 1040EZ. The IRS said that this new approach will simplify the all of the 1040 forms that millions taxpayers use.
The new form incorporates the changes in the Tax Cuts and Jobs Act (TCJA) and has 23 lines, down from 79. There are now six separate schedules that some taxpayers for those who itemize. The smaller form was promised by Republicans last December.