As President Donald Trump hailed the economic impact first six months of his tax cut package at a White House gathering on Friday, the Trump Administration unveiled a draft version of the revised 1040 tax return form, which will be shortened and simplified as a result of some of the reforms made in the new GOP tax law.
“Tax reform is reducing the burden of red tape on all Americans,” the Treasury Department announced, as it rolled out the new draft version of a tax form that is all too familiar to taxpayers.
Republicans have long touted that most taxpayers will be able to file their taxes on a form that is the size of a postcard – but the form may also require extra schedules to be filled out for those with more complicated tax situations.
“We’re changing Washington, and we’re changing it quickly and for the better,” the President said, as he said his tax cut and reform plans were going to spur even more economic growth for all Americans.
Here is what the new draft 1040 tax form will look like:
In his remarks at a White House event, the President rattled off many of the changes in the tax law, saying they were long overdue.
“This really was a landmark victory,” the President said of the tax law. “Common sense is being restored in Washington.”
“Six months after our tax cuts, more than six million workers have received pay raise, bonuses, and retirement account contributions,” Mr. Trump said, noting a variety of announcements from companies big and small around the nation.
Over at the Internal Revenue Service, the tax agency said they are working to finalize the documents which will be needed for the tax filing season in early 2019.
“The new 1040 – about half the size of the current version – would replace the current Form 1040 as well as the Form 1040A and the Form 1040EZ,” the IRS said in a news release.
“This new approach will simplify the 1040 so that all 150 million taxpayers can use the same form,” the IRS stated.
But the tax agency made clear that the more complicated your tax situation, the more forms you will have to fill out – all of those details must still be hammered out before the next filing season.
“The IRS circulated a copy of the new form and will work with the tax community to finalize the streamlined Form 1040 over the summer,” the agency said.
As for the exact size – it won’t be a small postcard, like you might send home from a vacation – but rather, something a big bigger.