The IRS has issued a draft 1040 that looks more like the old 1040 and is not the size of a postcard. They have moved some items back to the 1040 and replaced last year’s six schedules with three:
- Draft Schedule 1: Additional income and adjustments to gross income (above-the-line deductions) (this schedule is generally unchanged, except for the renumbering of lines);
- Draft Schedule 2: Additional taxes (this schedule is the result of combining 2018 Schedules 2 and 4); and
- Draft Schedule 3: Additional credits and payments (this schedule is the result of combining 2018 Schedules 3 and 5).
The postcard 1040 was an idea bandied about for many years and the government now knows what we knew all along: it doesn’t work!
See the new draft 1040 at: www.irs.gov/pub/irs-dft/f1040–dft.pdf
The IRS is accepting comments on this draft until August 15th. Any comments can be e-mailed to: WI.1040.Comments@IRS.gov.
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