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new Form 1040 postcard version

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#1
makbo  
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Is this still on for TY2018? Haven't read much about it lately. It seems to me like a huge number of form instructions and pubs will need to be updated. For example, just today someone here asked about something that goes on Line 36, Form 1040 (page 1 adjustments). What would that be in the new 2018 version? Will every reference to many of the lines on Form 1040 need to be updated?

When do we normally get our first draft version of TY2018 software? Next month? :shock:
 

#2
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Most recent draft (8/13/18) is still in postcard format:

https://www.irs.gov/pub/irs-dft/f1040--dft.pdf

Adjustments for AGI will be on Schedule 1:

https://www.irs.gov/pub/irs-dft/f1040s1--dft.pdf

There will be five other schedules to expand on a condensed, postcard 1040... Yes they literally meant postcard.

https://apps.irs.gov/app/picklist/list/ ... earch=Find
 

#3
Preppie  
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Apparently half of an 8.5 X 11 sheet is 'post card size'.
These forms were the source of much derisive laughter and snide commenting at the IRS Forums in Orlando last month.

It seems to eliminate the need for a 1040EZ or a 1040A. That doesn't impact many of us, but I do a few here and there. Makes me wonder about pricing, though, for us by-the-form crowd. Need to put a price tag on the new 1040 and Schedules 1-6 (although I don't expect to file any Sched 6s).
 

#4
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makbo wrote:For example, just today someone here asked about something that goes on Line 36, Form 1040 (page 1 adjustments). What would that be in the new 2018 version?


In redoing the 1040 into schedules, the IRS kept the line references for everything that is not directly on the 1040. So something that goes on line 36 in 2017 is either on the 1040 proper, or should be on line 36 of one of the schedules (in this case, Schedule 1).

I assume that this saves some computer programming time, and it also makes it easier to revert to old-school 1040s in the future.

Preppie wrote:Apparently half of an 8.5 X 11 sheet is 'post card size'.
These forms were the source of much derisive laughter and snide commenting at the IRS Forums in Orlando last month.


Having gone to some CPE already this year, I can state that this has been the one thing that tax professionals of all political stripes seem to come together on. The postcard has not been well regarded.

An earlier draft of the form called it "Form 1040 Simplified" but the word "Simplified" was removed in the latest draft.

Preppie wrote:It seems to eliminate the need for a 1040EZ or a 1040A. That doesn't impact many of us, but I do a few here and there. Makes me wonder about pricing, though, for us by-the-form crowd. Need to put a price tag on the new 1040 and Schedules 1-6 (although I don't expect to file any Sched 6s).


Those who priced 1040EZs and 1040As different from full 1040s will have to do a lot of work on their pricing (or do a lot of overrides). I do form-and-schedule pricing on each return to give me an idea of the fee, but I override the price before I print the return. I'm thinking of adding $5 to the form-and-schedule price for each schedule, but I haven't finalized anything yet.
 


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