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Treasury, IRS reveal a postcard-size form to file your taxes
CNBC ^ | June 29, 2018 | Liz Moyer

Posted on 06/29/2018 3:28:31 PM PDT by Innovative

The GOP's long-promised change is an offshoot of a tax overhaul last year that cut corporate rates and winnowed down the number of individual tax brackets.

On Friday, the Treasury Department and IRS unveiled the new postcard, which will replace the current forms 1040, 1040A and 1040 EZ.

(Excerpt) Read more at cnbc.com ...


TOPICS: Government; News/Current Events
KEYWORDS: 1040; form; irs; postcard; tax; taxation; taxes; taxform; treasury
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Picture of the form at the link.
1 posted on 06/29/2018 3:28:31 PM PDT by Innovative
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To: Innovative

I wonder, can you still file the old 1040 form with the appropriate schedules, or does this new form basically eliminates all deductions too?


2 posted on 06/29/2018 3:30:21 PM PDT by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: Innovative

Bye H&R Block. Bye Felicia!


3 posted on 06/29/2018 3:30:49 PM PDT by Salvavida
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To: Innovative

BEE-U-TI-FUL!

Unless you’re H&R Block...


4 posted on 06/29/2018 3:31:36 PM PDT by MichaelCorleone (Jesus Christ is not a religion. He's the Truth.)
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To: Innovative

Would still put it in an envelope.


5 posted on 06/29/2018 3:32:42 PM PDT by madison10 (Pray for the protection of Devin Nunes and his family.)
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To: Innovative

My grandad said when he just started out in a job the 1040 or whatever it was called then was an IBM card and you just checked boxes and wrote in an amount or something but that was it.


6 posted on 06/29/2018 3:32:54 PM PDT by SkyDancer ( ~ Just Consider Me A Random Fact Generator ~ Eat Sleep Fly Repeat ~)
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To: Innovative

Looks like there is no place to report wages, other income or how much you owe.

I imagine that the IRS is going to use employer reporting and investment reporting to capture that information, and will send you a bill or a refund automatically.


7 posted on 06/29/2018 3:33:04 PM PDT by DannyTN
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To: Innovative

This postcard-sized form doesn’t necessarily simplify your filing: You still have additional schedules to calculate your credits and other breaks.


8 posted on 06/29/2018 3:33:28 PM PDT by oincobx
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To: Innovative

And if it is that simple, then how many IRS people are not needed any more?

WINNING!!!


9 posted on 06/29/2018 3:34:59 PM PDT by DannyTN
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To: Innovative
Remember the “simplified tax form” from a couple of years ago?

Two lines:
How much did you make?
Send it in.

10 posted on 06/29/2018 3:35:37 PM PDT by glennaro
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To: DannyTN

That’s got to be a joke, surely... unless this is a part-electronic filing. Unless you can see all that data including what you earned, there’s no sensible way to calculate what your own taxes will be.


11 posted on 06/29/2018 3:36:15 PM PDT by HiTech RedNeck (Tryin' hard to win the No-Bull Prize.)
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To: Innovative

I think I’ve seen it before:

1. How much money did you make?
2. Send it in...


12 posted on 06/29/2018 3:36:44 PM PDT by antidisestablishment ( Xenophobia is the only sane response to multiculturalismÂ’s irrational cultural exuberance)
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To: glennaro

One minute!


13 posted on 06/29/2018 3:37:44 PM PDT by antidisestablishment ( Xenophobia is the only sane response to multiculturalismÂ’s irrational cultural exuberance)
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To: antidisestablishment

Great minds ...


14 posted on 06/29/2018 3:39:19 PM PDT by glennaro
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To: HiTech RedNeck

If you think about it, the IRS already has W2 and 1099 information from employers and investment companies. And it’s collecting dependent information on this form.

I bet that covers at least 80% of individuals tax return.


15 posted on 06/29/2018 3:39:31 PM PDT by DannyTN
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To: Innovative

Easy questions too

Line 1...total income
Line two. Send it in.


16 posted on 06/29/2018 3:39:44 PM PDT by Sasparilla ( I'm Not Tired of Winning)
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To: Innovative

This is if you can take the standard deduction and have nothing more complicated. Long form is still avail.


17 posted on 06/29/2018 3:40:39 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!)
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To: DannyTN

Well yes — but I still don’t get the idea. The right to fill your own forms means at least in principle you can understand them. Would you want to be getting arbitrary bills from the government?


18 posted on 06/29/2018 3:44:46 PM PDT by HiTech RedNeck (Tryin' hard to win the No-Bull Prize.)
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To: Innovative

Eliminate Mandatory With Holding if you really want to see change.


19 posted on 06/29/2018 3:44:53 PM PDT by eyeamok
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To: Jim Robinson

“On Friday, the Treasury Department and IRS unveiled the new postcard, which will replace the current forms 1040, 1040A and 1040 EZ.”


20 posted on 06/29/2018 3:45:45 PM PDT by HiTech RedNeck (Tryin' hard to win the No-Bull Prize.)
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