IRS Form: Draft Individual Income Tax Return for 2022 Released (IRC §6011)

Draft Form 1040, U.S. Individual Income Tax Return, released Sept. 2. The draft form has an expanded question regarding digital assets: “At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” The draft form also would expand the reporting of income not referenced on a Form W-2 in determining adjusted gross income. The draft form also lists the applicable standard deduction amounts for 2022. [Draft IRS Form 1040 (2022)]

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