U.S. President Donald Trump, center, speaks while holding up "Simple, Fair, 'Postcard' Tax Filing" cards as U.S. House Speaker Paul Ryan, a Republican from Wisconsin, left, and Representative Kevin Brady, a Republican from Texas and chairman of the House Ways and Means Committee, react during a meeting in the Cabinet Room of the White House in Washington, D.C., U.S., on Thursday, Nov. 2, 2017. The House tax bill released Thursday preserves the carried interest tax break despite Trump and GOP leaders' promise to do away with loopholes for the wealthy.
U.S. President Donald Trump, center, speaks while holding up "Simple, Fair, 'Postcard' Tax Filing" cards as U.S. House Speaker Paul Ryan, a Republican from Wisconsin, left, and Representative Kevin Brady, a Republican from Texas and chairman of the House Ways and Means Committee, react during a meeting in the Cabinet Room of the White House in Washington, D.C., U.S., on Thursday, Nov. 2, 2017. The House tax bill released Thursday preserves the carried interest tax break despite Trump and GOP leaders' promise to do away with loopholes for the wealthy. Photographer: Olivier Douliery/Bloomberg
Olivier Douliery/Bloomberg

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In late June, the Internal Revenue Service and the Treasury Department unveiled a new, postcard-sized version of the classic Form 1040, with the goal of replacing the current 1040, and the current Form 1040A and Form 1040EZ, for next tax season. It takes a “building block” approach, according to the IRS, removing all information that isn’t strictly necessary, and placing it on a series of supplemental schedules.

The IRS is accepting comments on the proposed form and schedules for the next couple of weeks at WI.1040.Comments@IRS.gov. It expects to release revised proposals after that.
Front of "simplified" Form 1040

The front of the postcard

Note that while the form is postcard-sized, it asks for the taxpayer’s Social Security number, and so would need to be mailed in a closed envelope.
Back of "simplified" Form 1040

The back of the postcard

This side is primarily dedicated to reporting income, and claiming the taxpayer’s refund.
1040-Sked 1
Additional Income and Adjustments to Income
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Schedule 1: Additional Income and Adjustments to Income

This is for reporting additional income, such as taxable refunds, credits or other offsets of state and local income taxes; alimony received; business income or losses (which would require attaching a Schedule C or C-EZ); rental, royalty, partnership and other income (attaching a Schedule E; farm income (attaching a Schedule F); and unemployment compensation.

The adjustments to income include educator expenses; certain expenses for service members; the deductible part of self-employment tax; and more.
1040-Sked 2
Tax
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Schedule 2: Tax

Taxes on children’s unearned income are to be reported here, along with taxes on lump-sum distributions, the Alternative Minimum Tax, and – interestingly – the excess advance premium tax credit from the Affordable Care Act, which requires attaching Form 8962.
1040-Sked 3
Nonrefundable Credits
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Schedule 3: Nonrefundable Credits

Among the credits to be claimed here are the credit for child and dependent care expenses (which would require attaching Form 2441); the Child Tax Credit; the Residential Energy Credit (attaching Form 5695); and credit for prior-year minimum tax.
1040-Sked 4
Other Taxes
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Schedule 4: Other Taxes

Included here are the self-employment tax, Social Security and Medicare taxes on tip income not reported to the taxpayer’s employer, and uncollected Social Security and Medicare taxes on wages, as well as the additional Medicare tax and the net investment income tax.
1040-Sked 5
Other Payments and Refundable Credits
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Schedule 5: Other Payments and Refundable Credits

Right now this schedule has a number of lines reserved for future purposes, but it also includes 2018 estimated tax payments and the amount applied to the 2017 return, the net premium tax credit, and other assorted payments and credits.
1040-Sked 6
Additional Income and Adjustments to Income
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Schedule 6: Foreign Address and Third Party Designee

The shortest of the schedules, this is where taxpayers can give preparers “checkbox authority,” and report a foreign address.
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