With fewer people using the paper form to file their taxes, the real-world impact of the shortened new 1040 may not be so drastic.

No, a 1040 is not the same as a W-2, but you use the information included on a W-2 to complete the 1040 form. A W-2 is the form employers use to report the wages paid to an employee during the year.

Form 1040 has simplified deductions into just two lines. Line 8 is for the standard deduction for most taxpayers, but if you itemize, the final result of your work on Schedule A goes there.

The IRS has released the new version of the Form 1040, the main form used in individual taxation. Here is a quick guide to what is expected to change.