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

They hired an additional 40,000 for OvomitCare. Don't expect any of these parasites to go quietly.

21 posted on 06/29/2018 3:47:20 PM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: Innovative

Oh I missed page 2.

So it has 23 lines.
Last year’s form had 79.
That is an improvement.


22 posted on 06/29/2018 3:48:45 PM PDT by DannyTN
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To: HiTech RedNeck

Presumably the bill would lay out the information they had collected. Wouldn’t be entirely arbitrary.


23 posted on 06/29/2018 3:50:57 PM PDT by DannyTN
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To: Innovative
They toyed with a similar idea under the Obama administration. It was a 3" x 5" post card, emblazoned with the word GIMME!! in 2" high letters.
24 posted on 06/29/2018 3:51:24 PM PDT by LIConFem (I will no longer accept the things I cannot change. it's time to change the things I cannot accept.)
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To: HiTech RedNeck

Ok, but not shown here are schedules 1, 2, 3, 4, etc, for those who need them. The vast majority won’t.


25 posted on 06/29/2018 3:51:53 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!)
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To: DannyTN

One still needs to be able to compare it to privately kept data.


26 posted on 06/29/2018 3:52:25 PM PDT by HiTech RedNeck (Tryin' hard to win the No-Bull Prize.)
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To: Innovative
Short form:

”How much did you make? Enter amount: ______________”

”Send it in.”

27 posted on 06/29/2018 3:55:49 PM PDT by pigsmith (Liberals can't make the connection between their politics and the decline of everything around them.)
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To: Innovative
I find the 90% hard to believe. You probably can use it, but would you want to?
28 posted on 06/29/2018 3:56:35 PM PDT by NonValueAdded (#DeplorableMe #BitterClinger #HillNO! #cishet #MyPresident #MAGA #Winning #covfefe)
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To: glennaro

Dang! Didn’t see this before I posted!


29 posted on 06/29/2018 3:58:21 PM PDT by pigsmith (Liberals can't make the connection between their politics and the decline of everything around them.)
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To: Jim Robinson

And Schedule A...my Mom will need those extra “non-postcard sized” forms...massive medical expenses (Dad in skilled nursing facility).

And “8.5”x11” is NOT postcard sized (2017 1040 was 79 lines & was 2 full pages).


30 posted on 06/29/2018 4:00:03 PM PDT by Drago
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To: Innovative

What if you are self employed? H&R Block in not going away.


31 posted on 06/29/2018 4:05:46 PM PDT by forgotten man
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To: DannyTN

Since you’ll soon be obligated to pay 100%, there’s not really much space needed.


32 posted on 06/29/2018 4:06:02 PM PDT by Darteaus94025 (Can't have a Liberal without a Lie)
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To: eyeamok

mandatory withholding was supposed to be a temporary (WW2-wartime) measure

just like ‘racial affirmative action’ was supposed to be a temporary measure

incidentally, the entire federal income tax system was promised to the American people that “the average working man will never have to pay a dime in the new income tax”...
(it was pushed by the leftist progressives as a means of ‘making the rich pay their fair share’...sound familiar?)


33 posted on 06/29/2018 4:14:37 PM PDT by faithhopecharity ( "Politicans aren't born, they're excreted." -Marcus Tillius Cicero (3 BCE))
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To: Innovative

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

Some deductions are eliminated or capped. But the Standard Deduction goes to $24,000 married.

I’m pleased as can be.


34 posted on 06/29/2018 4:29:56 PM PDT by DugwayDuke ("A man hears what he wants to hear and disregards the rest")
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To: madison10
I'll bet it comes in a 3 fold envelope with the IRS address already printed. Lick it and put it in the mail??

Any with money owed have to be filed electronically.

35 posted on 06/29/2018 4:32:15 PM PDT by Sacajaweau
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To: DannyTN

Side by side comparison. Just looks like a smaller version.
What they need to do is have a big tax cut. Much much bigger then what we got earlier.
https://www.nytimes.com/2018/06/25/your-money/1040-income-tax-postcard.html


36 posted on 06/29/2018 4:32:37 PM PDT by minnesota_bound
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To: Innovative

TURBO Tax and H&R Block are NOT Going away! The postcard form works as sole filing for those with income strictly from Wages, Interest, Dividends, Pensions/IRAs & Social Security. Additionally the taxpayer can only use the standard deduction and standard tax tables. This is like a much streamlined 1040EZ and DOES WORK for many taxpayers.

All of the entries for Adjustments, Tax Credits, Added Taxes and other such items are now on the NEW Schedules 1 thru 6. The old ‘alpha’ Schedules of A/B/C ... are still there in addition. For the people who work with taxes, we see that this eliminates the old 1040EZ/A and the full 1040, all returns will have this ‘postcard’ form to start, then the more complex returns have the added schedules, new and old.

A note of caution here though, the new schedules are very preliminary but have a lot of lines designated ‘Reserved’. I wonder what is going on behind the scenes?


37 posted on 06/29/2018 4:37:49 PM PDT by SES1066 (Happiness is a depressed Washington, DC housing market!)
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To: SES1066

Well, for me the standard deduction will now outweigh itemizing.

back to EZ it is.


38 posted on 06/29/2018 4:46:44 PM PDT by eyedigress ((Old storm chaser from the west))
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To: DannyTN

I delayed filing my tax until Oct. 2018 and then went to the SS website last week.

2017 income was right there.


39 posted on 06/29/2018 4:50:15 PM PDT by eyedigress ((Old storm chaser from the west))
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To: Sasparilla
ผลการค้นหารูปภาพสำหรับ irs form how much do you make send it in
40 posted on 06/29/2018 5:49:24 PM PDT by where's_the_Outrage? (Drain the Swamp. Build the Wall.)
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