Tax Tip Tuesday: Individual Tax Return Form Changes
July 24, 2018
Your individual tax return form could look a lot different next year.
The IRS released a new draft version of the 2018 Form 1040, U.S. Individual Income Tax Return. The new form is markedly different from the 2017 version of the form and would replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ.
In addition to reflecting a number of changes made by the Tax Cuts and Jobs Act, the "postcard" draft form is about half the size of the current version and contains far fewer lines than its predecessor. However, this reduction in length is countered by the fact that the draft form has six new accompanying schedules.
We will be watching to see if the final is still this small!
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.