Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

question everything

(48,671 posts)
Fri Jan 15, 2021, 12:49 PM Jan 2021

They wanted Income Tax Returns to be the size of a post card - some musings

After the "Tax Reform" Act. Yes, it was, a size of a large post card; would require extra postage. A two sided form with tiny fonts that I, at least, needed a magnifying glass to read it. Thankfully, TurboTax and other tax preparers would generate the final returns on regular 8 x 11 pages.

All this is out of the window. Form 1040 for 2019 had 24 Lines; for 2020 - 34. And these are just the numbered lines without the sub lines a, b, c. etc. For example, Line 25a is for Federal Tax withheld on Form(s) W-2, 25b - Form(s) 1099, 25c - Other forms and 25d - total.

And some of us may wonder whether the 2020 return may be missing a form. On the 2019 return we reported Estimated tax payments on Schedule 3. On the 2020 - Line 26 on Form 1040. Bye bye Schedule 3. For now.

(OK, Schedule 3 is still used for credits like childcare, education, IRA, contributions and others. Again, for now)




6 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
They wanted Income Tax Returns to be the size of a post card - some musings (Original Post) question everything Jan 2021 OP
Send me the bill Midnightwalk Jan 2021 #1
About a bazillion years ago, New Yorker had an excellent article on tax reform. You can: Girard442 Jan 2021 #2
The 1040-EZ form is still jacked up Shermann Jan 2021 #3
Before the Reagan "tax reform" one could exclude $200, I think, of interest and dividends from question everything Jan 2021 #5
I took the H&R Block tax preparers class once. nilram Jan 2021 #4
Tax return on a mega-postcard. "Bigliest postcard ever, many people are saying. MAGA!" /nt progree Jan 2021 #6

Midnightwalk

(3,131 posts)
1. Send me the bill
Fri Jan 15, 2021, 12:57 PM
Jan 2021

That would work for most people voting including people with mutual funds or stock sales.

Intuit turbo tax and hr block would hate it, but why should we mind. Let people with unusual circumstances continue to file manually.

That may not have worked 20 years ago but it can work now.

Girard442

(6,384 posts)
2. About a bazillion years ago, New Yorker had an excellent article on tax reform. You can:
Fri Jan 15, 2021, 01:11 PM
Jan 2021

1. Make your taxes simpler.
2. Make your taxes fairer.
3. Make your tax bill smaller.

You can accomplish #1 if you forget #2 & #3. You can accomplish #2 (and for some people #3) if you forget #1. Anyone who tells you they have a plan to accomplish all of them is bullshitting you.

Shermann

(8,538 posts)
3. The 1040-EZ form is still jacked up
Fri Jan 15, 2021, 01:18 PM
Jan 2021

They have an arbitrary income limit on it. Why??

Also if you have any dividends or interest you can't seem to use it.

question everything

(48,671 posts)
5. Before the Reagan "tax reform" one could exclude $200, I think, of interest and dividends from
Fri Jan 15, 2021, 01:28 PM
Jan 2021

their income.

I thought this exclusion was a good incentive to save ..


nilram

(2,954 posts)
4. I took the H&R Block tax preparers class once.
Fri Jan 15, 2021, 01:23 PM
Jan 2021

44 or so hours of instruction, in my state. There was big talk of tax reform and simplification then, too. “Don’t worry,” the instructor said, “your job is safe.”

Latest Discussions»Culture Forums»Personal Finance and Investing»They wanted Income Tax Re...