The New Postcard Tax Return?...Meh
January 23, 2019
Late last year, the IRS unveiled the new postcard tax return as part of the tax overhaul intended to simplify the federal tax system. This new base Form 1040 postcard return, which will eliminate the old 1040-EZ and 1040-A, contains only 23 lines, versus the old Form 1040, which has 79 lines. But, (surprise!) it's not that simple. In addition to the 23 lines on the postcard return, there are six supplemental schedules. Combined, those six schedules include more than 50 additional line items.
The six supplemental schedules are:
Schedule 1 – Additional Income and Adjustments to Income
Schedule 2 – Tax
Schedule 3 – Nonrefundable Credits
Schedule 4 – Other Taxes
Schedule 5 – Other Payments and Refundable Credits
Schedule 6 – Foreign Address and Third Party Designee
Don't worry, we got it covered!