Postcard-Sized Tax Form Promised by GOP Doesn’t Actually Match Postcard Size
The New York Times got its hands on the postcard-sized draft of a new 1040 standard form that Republicans have long dreamed of, but this is not exactly the simplification of the tax code promised by House Speaker Paul Ryan and Treasury Secretary Steve Mnuchin .
This is because while the new form “removes more than half of the 78 items from the previous form, ” the Times reports, “it will save a little time for some taxpayers, but it could add more pages of documents for millions of others. “It turns out that to make popular deductions like student loan interest or study materials, you have to fill out one of six additional forms and attach them to your postcard. Some may find this complicating things.
Here’s a clear front view from the Vox :
And the back with additional shapes highlighted by Vox :
The New York Times has draft worksheets if you want to check them out.
Why waste time on something like this? Apparently, just to say what they did, even if it does nothing to simplify the tax process. Again, this is just a rough draft, so things might turn out differently. The administration is expected to release the new form this week, the Times reported.
Of course, for most who will fill out tax forms online, nothing is simplified anyway. Your taxes for 2018 could be easier if you used to line them up, but now you will take a larger standard deduction. But if you have to fill out everything first, like you did before, to find out what is best for you this time, then you are not saving time. Good luck next year.