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 ...
I wonder, can you still file the old 1040 form with the appropriate schedules, or does this new form basically eliminates all deductions too?
Bye H&R Block. Bye Felicia!
BEE-U-TI-FUL!
Unless you’re H&R Block...
Would still put it in an envelope.
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.
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.
This postcard-sized form doesn’t necessarily simplify your filing: You still have additional schedules to calculate your credits and other breaks.
And if it is that simple, then how many IRS people are not needed any more?
WINNING!!!
Two lines:
How much did you make?
Send it in.
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.
I think I’ve seen it before:
1. How much money did you make?
2. Send it in...
One minute!
Great minds ...
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.
Easy questions too
Line 1...total income
Line two. Send it in.
This is if you can take the standard deduction and have nothing more complicated. Long form is still avail.
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?
Eliminate Mandatory With Holding if you really want to see change.
“On Friday, the Treasury Department and IRS unveiled the new postcard, which will replace the current forms 1040, 1040A and 1040 EZ.”
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