Postcard Tax Form

The IRS released a new draft version of the 2018 Form 1040, U.S. Individual Income Tax Return. The new Form is markedly different from the 2017 version of the form and would replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ. In addition to reflecting a number of changes made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97 , 12/22/2017), the “postcard” draft form is about half the size of the current version and contains far fewer lines than its predecessor.  However, this reduction in length is countered by the fact that the draft form has six new accompanying schedules.