When it comes to income tax returns, shorter isn't always better. The IRS has released a draft of the new Form 1040 for 2019, reverting to nearly two full pages. Here's what you should know.
After the 2018 tax overhaul, the Treasury and the IRS released a “postcard” version of the individual income tax return.
The agencies are now pitching a new draft of the Form 1040, reverting to the two-page format. A finalized version should be ready by November.House Ways and Means Committee Chairman Kevin Brady holds up an example of the 'postcard-sized' form he wants people to use when filing their taxes during a markup session of the proposed GOP tax reform legislation in the Longworth House Office Building on Capitol Hill November 6, 2017 in Washington, DC.
This is the second overhaul of the 1040 form since a revamp of the tax code went into effect in the beginning of 2018. Following the Tax Cuts and Jobs Act, the Treasury and IRS released the new "postcard" version, replacing forms 1040, 1040A and 1040EZ., it was indeed shorter. But this didn't necessarily make filing easier.The new draft income tax return now takes up nearly two full pages.
The IRS is also consolidating its six schedules to three for the 2019 tax year. The agency has posted drafts of
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