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 ...
They hired an additional 40,000 for OvomitCare. Don't expect any of these parasites to go quietly.
Oh I missed page 2.
So it has 23 lines.
Last year’s form had 79.
That is an improvement.
Presumably the bill would lay out the information they had collected. Wouldn’t be entirely arbitrary.
Ok, but not shown here are schedules 1, 2, 3, 4, etc, for those who need them. The vast majority won’t.
One still needs to be able to compare it to privately kept data.
”How much did you make? Enter amount: ______________”
”Send it in.”
Dang! Didn’t see this before I posted!
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).
What if you are self employed? H&R Block in not going away.
Since you’ll soon be obligated to pay 100%, there’s not really much space needed.
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?)
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.
Any with money owed have to be filed electronically.
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
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?
Well, for me the standard deduction will now outweigh itemizing.
back to EZ it is.
I delayed filing my tax until Oct. 2018 and then went to the SS website last week.
2017 income was right there.
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