A Preview of the New Form 1040


One of the main promises of the Tax Cuts and Jobs Act passed last year, was that filing tax would become simple. At the end of June 2018, a preview of a simplified form was released. We are all familiar with the Form 1040 and were in anticipation of what it might look like moving forward. 

         At a glance, it is clearly much smaller than it used to be. It seems to resemble the postcard comparison that was repeatedly made. However, as you look at the required information, it asks for the SSN of the Taxpayer. This is not a surprise, but it will require an envelope to mail and protect all your sensitive information. This draft is a combination of 3 Form 1040’s, but it also refers to several other Schedules for information. At this point, they have not simplified. At this point, some Taxpayers may need to fill out more to have what is needed for the new Form 1040.

          With all that said, this is just a preview. We can expect many more changes in the months ahead. The IRS is adjusting to Tax Law changes just like everyone else. The key is to be patient and listen carefully when direction is given.

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