IRS Releases Form 1040 for the 2020 Tax Year
The IRS has released Form 1040 for 2020. Here’s what’s new, including changes for stimulus payments, cryptocurrency, charitable contributions, and tax deferrals.
-
-
What’s New On Form 1040 For 2020
The Internal Revenue Service (IRS) has released a draft of Form 1040, U.S. Individual Income Tax Return. There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. And… postcard-sized, it’s not. Let’s dive right in. Virtual currency. At first blush, the top of the return…
-
Here’s How To File For A Tax Extension In 2020
The tax filing deadline for individual taxpayers is just a week away. If you’ve been pushing off filing, you may want to consider filing for an extension. It only takes a few minutes, there are no special hoops to jump through, and there’s no fee payable to the Internal Revenue Service (IRS). And contrary to…
-
IRS Releases New Form 1040 With Additional Schedules
Remember those postcard-sized tax returns? They’re here. Sort of. They’re not exactly postcard-sized, but the new form 1040 is smaller than before. The Internal Revenue Service (IRS) has made the new form 1040 and the accompanying six new schedules for the 2018 tax year available on the IRS website. Here’s a peek at page one…
-
A Beginner’s Guide To Taxes: Can I Do My Return Myself?
For those of you who don’t hang out with me in real life, here’s stuff you might not know: I bake my own bread. I pickle my own vegetables. I make my kids’ Halloween costumes. I can code a little. But I do not do my own taxes. I used to do my own returns…
-
Which Tax Form Makes Sense For You?
When I was in college, I used to think there were only two federal income tax returns: the form 1040-EZ for students and the form 1040 for everybody else. Of course, many years and a couple of degrees later, I’ve figured out that I was wrong. There are actually a number of tax forms available…
-
Taxes from A to Z: Y is for Year-To-Date
Here’s one that you can file under “what not to do”… You know your final paycheck of the year? The one with the check stub that reads “Year-to-Date”? It means nothing. When I used to prepare returns, I used to cringe whenever a client brought in a paycheck stub and explained to me that they…
-
Ask The Taxgirl: Gambling Winnings & Losses
Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00.It was reported on a w-2g I did not file a sched. A.How can I report my gambling loss of up to 2500.00Since I have already filed the 1040ez.Or…
-
Calculating The Making Work Pay Credit
I’ve received a bunch of questions about the Making Work Pay Credit. I agree – it is confusing. Let me see if I can make some sense of it for you. To keep things simple, I’m doing this in two posts. This first post will assist you in calculating the credit and completing Schedule M….
-
Looking For An Extension?
Here’s the form for individuals: form 4868 as pdf
