Refunds. Outside of some renumbering, the refund sections have not changed.Īmount You Owe. Usually, figuring the amount you owe is pretty simple: it's tax due less credits and payments. The draft notes “see instructions” for specifics - but those instructions aren’t out just yet. There is a separate reconciliation schedule that will carry over to page two of your Form 1040.

Stimulus Checks. We've been talking about it for a bit, but now we get to see how the stimulus checks will be reported. One thing that jumps out immediately is that the trusty 'Federal income tax withheld from Forms W-' line has been divided into separate lines for withholding for Forms W-2, 1099, and 'other.' This suggests an increased level of scrutiny for the self-employed and gig workers (I could be wrong). Tax, Credits, and Deductions. Page two of your Form 1040 - where you figure your tax, withholding, and what you actually owe (or are due a refund) is where many changes are for 2020. We'll just have to get used to yet another line number for taxable income (tentatively line 15). Income items. Outside of the adjustments to income, there isn't much difference in income reconciliation.

Download 1040 form 2020