Tax form likely to be smaller, not simpler
The Trump administration may deliver on its promise to reduce a commonly used tax form to postcard size, but it does not shrink the workload for many Americans filling out their taxes.
A draft copy of the new 1040 income tax form given to The Associated Press by a staffer on the Ways & Means Committee shows the form will be reduced from two full pages to a double-sided half page. But the legwork to claim many popular deductions and provide other critical information has been moved to one of six accompanying worksheets.
The postcard-sized form was a big selling point for the administration during its promotion of the divisive new tax law. Experts say that while the law does simplify the process for some Americans, many still will have to go through the same hoops to complete taxes with the new form.
The tax law greatly increases the standard deduction, meaning millions of Americans will claim the deduction and skip the time-consuming process of itemizing their taxes. The Tax Policy Center estimates that 27 million fewer taxpayers will itemize under the new law.
Taxpayers may still need to crunch the numbers to see if they should itemize or not.
— Associated Press