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IRS Releases Form 1040 For 2020 (Spoiler Alert: Still Not A Postcard)

Courtesy of Forbes

December 11, 2020 Kelly Phillips Erb


The Internal Revenue Service (IRS) has released the very-probably-unless-Congress-does-something-soon final version of Form 1040, U.S. Individual Income Tax Return for 2020 (downloads as a PDF). There are several notable changes to the form proposed for the tax year 2020 - the tax return that you'll file in 2021.


Form 1040 (2020) IRS/KPE


Identifying information. There are no real changes to the identification portion of the Form 1040: this is where you list your name, address, Social Security Number (or ITIN) and note your filing status. Virtual currency. As expected, a question about virtual currency remains on the front of the Form 1040. A new cryptocurrency compliance measure for taxpayers was introduced in 2019 in the form of a checkbox on the top of Schedule 1, Additional Income and Adjustments to Income. Schedule 1 is used to report income or adjustments to income that can't be entered directly on the front page of form 1040.


Continue reading here: https://www.forbes.com/sites/kellyphillipserb/2020/12/11/irs-releases-form-1040-for-2020-spoiler-alert-still-not-a-postcard/?ss=taxes




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