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July 09, 2018 at 04:16 PM
The IRS and Treasury Department are busy working on a “postcard-size” individual income tax return to be used for the 2018 tax year. A draft of the new tax form contains about a page worth of information split into two pages.
The 2018 IRS Form 1040 — which is described by Treasury as “about half the size of the current version” — will replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ.
The IRS will work with the tax community this summer to finalize the streamlined Form 1040.
Treasury Secretary Steven Mnuchin said the new, “postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers.”
The new Form 1040 uses a “building block” approach, in which the tax return is reduced to a simple form, and can “be supplemented with additional schedules if needed,” Treasury states.
