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Saturday, February 4, 2023

IRS to Ask for More Info About Divorce and Separation on 1040

The Internal Revenue Service plans to add a question to Schedule 1 of the Form 1040 next year asking taxpayers who claim a deduction for paying alimony to provide the date of their divorce or separation agreement, according to a new report.

The report, from the Treasury Inspector General for Tax Administration, is mainly devoted to assessing the IRS’s overall implementation of the Tax Cuts and Jobs Act. It includes a single recommendation, suggesting the IRS revise Schedule 1 of the 1040 to obtain additional information regarding divorce or separation agreements for tax year 2019 and later.

The IRS added Schedule 1 to the 1040, along with five other new schedules this tax season, in an effort to reduce the main Form 1040 to the size of a postcard.

Read more at Accounting Today

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