The IRS has released a draft of Form 1040 that includes notable changes proposed for tax year 2020.
The proposed changes include a question about use of virtual currency, a new above-the-line deduction for charitable contributions and separate lines for reporting withholding from Forms W-2 and 1099.
The draft also includes an area to reconcile an individual’s economic impact payment, referred to as the recovery rebate credit. Find more draft details here.
The draft Form 1040 is not a finalized version, the IRS reminds tax preparers, and may change due to unexpected issues or passed legislation. Submit comments about the draft at www.IRS.gov/FormsComments.