The IRS today released a draft version of Form 1040, “U.S. Individual Income Tax Return,” and announced plans for a streamlined—that is, shorter and simpler—Form 1040 to be filed by individuals for tax year 2018.
The draft version of Form 1040 [PDF 63 KB] originally was released with a “watermark” date of June 29, 2018, but subsequently was replaced by a draft version of Form 1040 showing a watermark date of July 31, 2018.
According to a related IRS release—IR-2018-146—the new Form 1040 would be about half the size of the current version, and would replace the current Form 1040 as well as the current versions of Form 1040A and Form 1040EZ. The IRS stated it intends to finalize the new Form 1040 “over the summer.”
As explained in the related IRS release, the new Form 1040 uses a “building block” approach, and would be supplemented with additional schedules if needed. It is intended that taxpayers with “straightforward tax situations” would only file this new Form 1040 with no additional schedules.
The IRS has not yet released drafts of any additional schedules to be filed with Form 1040 for 2018.
© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG International Cooperative (“KPMG International”) is a Swiss entity.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.