Sep 29

New Draft 2018 Tax Return Form 1040

The IRS has released a draft of the new Form 1040. It is a step in the right direction. The higher standard deduction for 2018 ($12,000 for single filers and $24,000 for those married filing jointly) will also result in a significant number of return filers not itemizing their deductions. It is hard to believe but we are headed in the direction of simplification.

There will be supplemental forms for return filing and in some cases individual returns may be more complex. (The details are still being worked out regarding the new 20% qualified business income deduction.)

The current 1040 draft of page 1 and page 2, as provided by the IRS: