IRS Shows Off Draft of Postcard Form 1040 and Six New Schedules
The new “simplified” postcard Form 1040 was issued in draft form by the IRS with only minor changes from the internal version leaked a few days earlier. Unfortunately, simplification means that Treasury has managed to take a 2 page form and convert it into eight pages (or maybe six pages and two half-pages). However, most taxpayers won’t need to complete all six attachments.
With the issuance of the new “postcard” 1040, the IRS will retire the Forms 1040A and 1040EZ. However, the Congressionally mandated Form 1040-SR would appear to still be showing up for 2019 returns, at least unless Treasury can convince Congress that the new postcard form eliminates the need for the Form 1040-SR and it is removed from the law.
The new Form 1040 moves virtually all numeric entries onto the second half page of the Form 1040 postcard, with the front portion of the postcard containing what is now the very top information portion of Form 1040. The reduction in lines from the 2017 Form 1040 is accomplished mainly by moving lines to a series of six schedules that will be attached to the Form 1040.
The draft forms are available via the links below: