When you dig into your tax return for reporting 2020 income, you’ll notice that Form 1040 has changed yet again. In 2018, the IRS condensed Form 1040 significantly, completely revamping the prior traditional version, and introduced additional schedules that funnel information to Form 1040. While the IRS did not modify the 2020 Form 1040 as drastically, there are differences from last year’s form that you need to know about. The Changes In BriefAfter being condensed to just 24 lines in 2018, the IRS Form 1040 for 2020 has expanded to 38 lines. Line 7 (capital gain or loss) of IRS Form 1040 IRSThis moved from Line 6 on the 2019 form—making this the third straight year capital gains reporting has changed on Form 1040.

Source: Forbes February 17, 2021 15:00 UTC