The IRS Just Released a More Compact Form 1040

And the instructions fill 117 pages

eagle landing

With the goal of simplifying Form 1040 to fit onto a postcard, the IRS just released the product of their efforts including the six new schedules for the 2018 tax year. Although shorter than previous 1040s, the new form doesn’t fit on a postcard and many taxpayers might not find it any easier than the 1040s of prior years.

(NOTE: The new 1040 and schedules can be found on the IRS website — https://www.irs.gov/forms-pubs/about-form-1040)

Among the notable changes —

No 1040EZ in 2018

Form 1040EZ was first introduced in 1982 as a simplified 1040 for single and joint tax return filers with no dependents. Form 1040EZ has been eliminated with the new 2018 Form1040.

No 1040A in 2018

Nicknamed the “short form,” Form 1040A first appeared in the 1930s. It was restricted to use by taxpayers with taxable income below $100,000 who took standard deductions instead of itemizing deductions. 1040A has also been eliminated with the new 2018 Form1040.

For 2018, all taxpayers will use the redesigned Form 1040, which now has six new numbered schedules in addition to the existing lettered schedules like Schedules A, B, C, D, E and F.  The chart below listing the new schedules comes from the IRS.

2018 tax skeds

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