The Internal Revenue Service renews certain tax forms against changes that occur on the tax law or to differentiate the years the forms apply to. The tax forms like Forms 1040, W-2, 1099, W-4, etc. are always going to be renewed since they are going to be used every year to file a tax return. Although no changes may happen on the forms, the year that indicates which tax year the form applies to is what matters for the most part. Because of this, the IRS doesn’t take long to furnish new tax forms to taxpayers.
As for when exactly the new tax forms are released by the agency, it really depends on the form. Most tax forms are released as a draft prior to the full version. This gives taxpayers enough time to see the changes and fulfill their tax obligations faster and efficiently.
|Draft Version||April to July|
|Actual Version||October to December|
Although you are most likely to view the draft version of the tax forms, you can expect to have the tax forms by late-December. The same goes for other useful tax points such as tax brackets, the standard deduction amount, and other notable tax changes.
You can expect the IRS to release new information on the tax changes along with the release of new tax forms that are going to be used in the next year from early-November to late-December. For the draft versions of tax forms, July is usually the date.
If there is any tax form or document that you need to know beforehand, check with the IRS if the draft version is out or not. If so, you can see the details but cannot fil. You must wait for the IRS to release the tax form.