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New postcard-sized IRS Form 1040 released

The IRS has released a draft version of the 2018 Form 1040 which is intended to simplify the filing process for some Americans, but many are stating that the new post-card sized form is no less complicated.

The new form reduces the number of line items from 79 to 23 and condenses it from a two-page document to a double-sided post card. There are also six schedules accompanying Form 1040 that, if applicable, will be used to report additional income, credits, taxes and other deductions that have been eliminated from the Form 1040.

While the form is simplified in some areas and will result in simplifying tax filing for a significant number of taxpayers, others will still have to refer to other forms and instructions and crunch numbers to complete the filing process, which may be time consuming.

Rehmann will continue to monitor and provide relevant updates about the new Form 1040.