New Postcard-Sized 1040 Eliminates More Than Half of Line Items

By:
Chris Gaetano
Published Date:
Jun 26, 2018
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A draft copy of the new postcard-sized Form 1040, touted by the Treasury Department as an exercise in simplification, eliminates more than half of the 78 line items on the current form and, at the same time, comes with six separate worksheets for supplementary information, according to the New York Times. This means that the new form omits lines for items like business income, capital gains and child care expenses (though there is a dedicated line for the expanded child tax credit), which means taxpayers will need to use the attached worksheets instead. However the Times noted that many will fall into the standard deduction, which doubled under the new tax law, and so won't need to itemize at all. The Times also noted that this new paper form comes at a time when the majority of people file their taxes electronically. If more people begin sending in the paper form, which is more difficult to process, the IRS may not be able to immediately handle the increased flow. 

The form, which is set to be released this week, will replace not just the 1040 but the 1040A and the 1040EZ. 

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