Tax Man LLC
Sometimes it is just better to keep one’s mouth shut. When Paul Ryan said that many people can file their taxes on a post card, someone at the IRS decided that they suddenly had a mandate to do just that. Oy!
Here’s the post card reality - The first page of the form is no longer 8.5" x 11" - They cut it in half to 5.5" x 8.5" - That’s your post card. Just curious, does anyone have a printer that prints postcard size paper? I don’t. So your “post card” will be 8.5 x 11 with half the page blank.
The old Form 1040 was two pages as was Form 1040A (which is gone) and Form 1040EZ (also gone). However, to get all of the relevant information needed, the post card will often need several supplements.
You can actually use the Form 1040 post card if you have only wages, interest, dividends, pension, and/or social security . . . and . . . don’t itemize or have kids. If you have anything else, you’ll need more schedules.
You’ll need Schedule 1 if you have any of these sources of income:
You’ll also need Schedule 1 for the following deductions:
If you have:
You’ll need Schedule 3.
If you have any other taxes you’ll need Schedule 4 such as:
If you paid estimates including an extension payments, or have a health care penalty, you’ll need Schedule 5.
If you want to authorize me to handle things with the IRS if there’s a questions, you’ll need Schedule 6.
Post Card? Seriously. This “post card” will undoubtedly cost more in postage than the old approach.
Randall S. van Reken, EA, CFP, ATP
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