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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!