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IRS shrinks the 1040 tax form and does away with the 1040A and 1040EZ forms

1,972 1,892 June 30, 2018 at 06:38 AM
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https://www.cnn.com/2018/06/29/po...index.html

Instead of filling two pages, the new version will take up about one, according to a draft released Friday. (The page is cut in half, and is double-sided.) Treasury Secretary Steven Mnuchin said it delivers on the promise to simplify the tax-filing process and provide a simple, postcard-sized tax form.

It will replace the old 1040, as well as the 1040A and 1040EZ, which were shorter forms used by Americans with simpler tax situations. All taxpayers will use the new 1040 to file their taxes starting next year. The new form has 23 lines, down from 79. It gets rid of lines for some types of income such as alimony, capital gains and rental real estate. Taxpayers who earned that kind of income will have to fill out an additional form. Some other lines, like the deduction for education expenses and the student loan interest deduction, have been moved to another form as well.

"What they have essentially done is rearranged the lines, using a lot of additional schedules," said Joe Rosenberg, a senior research associate at the Tax Policy Center, a nonpartisan think tank.

"The form is more of a gimmick," Rosenberg said.
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#2
So moving the stuff to other pages, that we still must fill out, counts as a shorter form?

Me, as probably most of us, don't fill out the paper form. We're busy answering a zillion questions on tax software, then print out all the pages it creates and/or electronically transmit it. No difference there, but maybe even more questions to figure out.
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#3
Leaving lines blank is so much harder than not having the lines at all....

Put the whole goddamn thing online and pre-filled like a bunch of other countries. [pbs.org]
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Wonder how much time and money they wasted on doing this...when it does absolutely nothing. Typical of this do-nothing administration.
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Last edited by madcowdisease June 30, 2018 at 07:55 PM.
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#5
Quote from madcowdisease
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Wonder how much time and money they wasted on doing this...when it does absolutely nothing. Typical of this do-nothing administration.
You say that like every administration in our lifetime hasn't wasted money on just about everything they do. laugh out loud
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I like what she said, not what it means.
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Something usually emerges even with waste. This isn't anything except rearranging the furniture and calling it a success. Which is about par for this dumb fark administration.
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#7
Quote from Iaaaiws
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This is definitely true. Look at how the national debt emerged from the horrible actions of the Obumbler administration. More debt than all previous administrations combined. Wouldn't be surprised if Trump equals or tops that but it would take a Yuge effort.
Rolling my eyes, but you do understand that the annual deficit decreased substantially under the Obama admin, right? Bush inherited a surplus and then instituted massive tax cuts. Then the global economy tanked, and regardless of who you blame, the resulting loss of tax revenue and additional stimulus costs drove the deficit to $1.4T before Obama took office. It then decreased steadily through most of his term before levelling off and then increasing a bit, and of course is now going to set records with the Trump administration's plans.

None of that extra debt was Obama running around with a credit card unsupervised like certain radio hosts would have you believe.
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Quote from dukeblue219
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Rolling my eyes, but you do understand that the annual deficit decreased substantially under the Obama admin, right? Bush inherited a surplus and then instituted massive tax cuts. Then the global economy tanked, and regardless of who you blame, the resulting loss of tax revenue and additional stimulus costs drove the deficit to $1.4T before Obama took office. It then decreased steadily through most of his term before levelling off and then increasing a bit, and of course is now going to set records with the Trump administration's plans.

None of that extra debt was Obama running around with a credit card unsupervised like certain radio hosts would have you believe.
You do realize that Barry was president for 8 years right? laugh out loud
History will be the judge of whether he was the worst president in history.
History will also be the judge of whether the current Ego-In-Chief takes that title away from him.

As far as the tax forms, there is no way to repair the current tax code without scrapping it completely and starting over. But many, many people will have a far simpler tax return next year as a result of not having to itemize.
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Quote from bonkman
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Leaving lines blank is so much harder than not having the lines at all....

Put the whole goddamn thing online and pre-filled like a bunch of other countries. [pbs.org]
It's weird. They know our info, they get copies of our 1099's, w-2's, and so on sent to them, but they want us to spend all that time and effort filling all that info every year. Makes no logical sense, unless accountant lobbying groups insist on it or something like that, I suppose.
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