Mar 22 2020

#2020 #1040ez-2020 1040ez

2020 1040ez

See the New IRS 1040 Tax Form

The IRS announced in June 2018 that a new 1040 tax form would be released for the 2019 tax year. This initiative goes all the way back to Donald Trump’s campaign trail in 2016, where he wanted to make filing taxes as “simple as sending a postcard.” Well, it looks like he will get his wish based on the latest design draft provided by the IRS.

Table of Contents

What Has Changed on the 1040 Tax Form?

Taking a glance, we can immediately see that the new form is about “half the size” of the current 1040 form.

The IRS has said that filing with the new 1040 form replaces the 1040EZ and 1040A forms, so now there is an expanded set of Schedules for different tax filing situations. The IRS states, “This new approach will simplify the previous 1040 so that all 150 million taxpayers can use the same form.”

The cosmetic changes make the form take up less space certainly, as one will notice white spacing has been sacrificed, and many fields have been consolidated. The font is smaller, which might affect the usability and ease of reading the form.

Other changes are reflective of the Tax Cuts and Jobs Act of 2018 bill that was passed, which included more broader changes to the American tax code. This includes removing the personal exemptions section and expanding some of the tax credits available to filers.

Overall, the form will likely simplify the process for many Americans when filing their taxes. One of the most confusing aspects currently in choosing between the 1040A, EZ, and standard form, will now be completely eliminated. However, for individuals and families with more complex filing situations, the introduction of the expanded schedules in the 1040 form might make things more complicated.

Is the IRS Going to Replace the 1040A and 1040 EZ Forms?

Yes, the plan is to make a single 1040 form for all Americans to use when filing. The 1040A and 1040EZ forms at this time appear to be going away. The IRS has denoted that there could be changes and updates to this new proposed design, but this is one of the big components that is not expected to change.

IRS 1040 Tax Form Changes to Schedules

One of the more significant changes to the 1040 form is the new layout and arrangement of the Schedules. Currently, there are numerous “Schedule” forms that supplement the 1040 tax form that address specific tax scenarios. These include:

With the new 1040 Tax form, the schedules are being changed from letters to numbers. It also appears that the schedules have been consolidated, looking at the design for the new Schedule 1 – Additional Income and Adjustments to Income. It would appear to combine many of the data points collected on both the Schedule B, D, and E forms.

How Do I Find and File the New 1040 Tax Form?

The new 1040 forms are automatically provided by online tax filing. The tax program will guide you in filling out the correct tax forms, so your return is accurate. You can easily and accurately file your taxes online today.

2020 1040ez

2020 1040ez

2020 1040ez

Taking a quick glance, we can immediately see that the new 1040 tax form is about “half the size” of the current 1040 form. The IRS has indicated that the new 1040 form will also replace the 1040EZ and 1040A forms, so there is an expanded set of Schedules available for different tax filing situations.
SOURCE: 2020 1040ez

USA News. American News.

News latest news news today news headlines breaking news new current news world news top news latest news today,

headline news online news today's news headlines daily news local news breaking news today new news to day news recent news latest news headlines top news today top news stories news stories national news international.

News news update current news today today's national news news updates headlines news update today latest breaking news breaking news headlines latestnews latest national news english news latest world news latest,

news update latest news headlines for today hot news today headlines today news websites current news events the news today's news headlines in english current news headlines top news headlines national news headlines top.
Headlines latest headlines newspaper headlines today latest it news top stories current news stories news sites.

Written by admin

%d bloggers like this: