The IRS has released the final version of Form 1040 for 2020, which includes notable changes from the draft proposed in August.
Page one of Form 1040 contains a question about virtual currency. The IRS introduced a new cryptocurrency compliance measure for taxpayers in 2019 in the form of a checkbox on top of Schedule 1.
As a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act, charitable cash contributions up to $300 are temporarily above-the-line deductions. That means you do not have to itemize your deductions to deduct your charitable contribution.
On page two of Form 1040, the “Federal income tax withheld from Forms W-2 and 1099” line is now divided into separate lines for withholding for Forms W-2, 1099 and other forms. See more Form 1040 changes here.