A new set of tax forms, which are expected to make the filing process simpler for Americans, will be released next week. U.S. Treasury Secretary Steven Mnuchin said that the redesigned form 1040, which is used for filing individual taxes, will be the size of a postcard. Currently, form 1040 is two pages long.
“Next week, we will be unveiling the new 1040, and it will be a postcard as we've promised, and hardworking taxpayers won't have to spend nearly as much time filling out their taxes.”
The Tax Cut and Jobs Act increased the standard deduction and did away with many itemized deductions. The goal was to increase the number of taxpayers who take the standard deduction, which would only require them filling out the new streamlined 1040 form.
Photo: Getty Images