The Internal Revenue Service has released a draft version of the new 1040 Form for Tax Year 2020. This draft includes several changes to the current form such as providing a line deduction for charitable contribution on page 1 of the 1040. In prior years to take a deduction for charitable contributions you had to itemize your deductions. However under the CARES Act that was passed this year up to $300 in charitable contributions can be deducted to arrive at your adjusted gross income even if you take the standard deduction.

On page 2 of the draft version there is a line for 'recovery rebate credit' which will be a tax credit for individuals who did not receive their stimulus payment in 2020 but were entitled to the stimulus or who did not receive the correct amount of the stimulus payment.

There are several other revisions to the draft version and likely between know and its final release the IRS will make some additional changes.