Have you seen the new 2018 IRS Form 1040? The Internal Revenue Service released a draft last week, and it has a whole new look! The version that is circulating is still a work in progress, and the IRS warns us not to begin filing the draft just yet. That being said, here are a few things you should know about the income tax form:
As part of the Tax Cuts and Jobs Act signed in December 2017, this new form will replace the current Form 1040, the 1040A and the 1040EZ.
The Form 1040 will be finalized over the summer, and when all is said and done, all 150 million tax filers will be using the same 1040 Income Tax Form.
The new 1040 is the size of a postcard. If your tax situation is straightforward, it is the only form you will need. Taxpayers with more complex situations will use schedules to provide additional tax information.
There are now just 23 lines on the Form 1040, instead of 79. Because the new tax act reduced or eliminated many deductions, several line items have likewise been removed or consolidated.
The fact is, the Tax Cuts and Jobs Act will have a very real impact on your taxes this year. But if you already slay your taxes online with TaxSlayer, we’ve got tax reform covered, with a faster and easier e-file than ever.
This article is up to date and accounts for tax law changes for tax year 2018 (tax returns filed in 2019). Learn more about tax reform enacted under the Tax Cuts and Jobs Act here.