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IRS posts update to new postcard 1040 form

On Behalf of | Aug 5, 2019 | Income Taxes

Georgia taxpayers will have to fill out a slightly longer 1040 form when they file their 2019 taxes, according to the Internal Revenue Service. The agency has posted a draft of the new form, which updates the postcard-sized return that debuted in 2018, on its website.

After Congress passed the Tax Cuts and Jobs Act of 2017, the IRS and the U.S. Treasury replaced the 1040, 1040A and 1040EZ forms with a single 1040 form that was advertised as being the size of a postcard. While the new form was shorter, it wasn’t quite as small as a postcard. It also included six schedules for taxpayers to follow when doing their taxes, which didn’t exactly cut down on paperwork.

According to a spokesperson for the IRS, the updated 1040 form, which is 1.5 inches longer than 2018’s form, is designed to make it easier for taxpayers to prepare their taxes. It also removes Schedules 4, 5 and 6 from the form, leaving only Schedules 1, 2 and 3 for taxpayers to deal with. Even though it is longer than last year’s form, the IRS says it is still shorter than the 2017 1040 form and still considered a postcard. The agency says it is accepting public input on the updated form until Aug. 15. It will then make any necessary changes and finalize it by November.

Most Georgia residents who earn an income are required to file a tax return each year. However, some tax situations can be complex and difficult to understand. Taxpayers with questions about their individual responsibilities could contact a tax attorney for guidance. The attorney could review the situation and recommend the best course of action. In some cases, legal counsel could also negotiate with the IRS on the taxpayer’s behalf.