Monday, November 4, 2019

Changes to Schedule 1 form 1040 for 2019

Schedule 1 is the form where you include additional income and adjustments to income. The IRS draft form dated as of 10/10/19 has two changes for 2019. There is a question asking if you bought or sold cryptocurrencies at any time during 2019. There is also a line where you are asked to put the date of your divorce agreement if you are paying or receiving alimony. The date is important because if your divorce agreement is after 2018, then the alimony is neither taxable to the recipient or deductible by the payer.

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