IRS Form: Early 2021 Draft Forms 1040, Accompanying Schedules (IRC §6011)

July 22, 2021, 5:00 AM

Draft Form 1040 and several accompanying schedules released July 22. The draft Form 1040 continues to ask taxpayers about any virtual currency transactions, has separate entries for reporting withholding from Form(s) W-2 and Form(s) 1099, and adds new information about the earned income tax credit to reflect eligibility for taxpayers age 19 without qualifying children. Schedule 1, used to report additional income items and adjustments to income, expands the line items of specific income and adjustment categories to report. Schedule 2, used to report additional taxes, adds line items to report Social Security and Medicare taxes on certain types of ...

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