The IRS Form 2021 is the standard tax form used by individuals and businesses in the United States. The form is used to report income, calculate taxes owed, and claim tax refunds. The 2021 version of the form is very similar to the 2020 form, with only a few minor changes. In this blog post, we’ll take a look at what’s new on the form and how to fill it out.
What’s New on the 2021 IRS Form?
The biggest change on the 2021 IRS Form is the introduction of a new question about cryptocurrency. The question asks whether you have ever bought, sold, or exchanged cryptocurrency, and if so, you are required to provide details about the transaction. This is in response to the growing popularity of Bitcoin and other cryptocurrencies in recent years.
Another change to the form is the addition of a new question about Health Savings Accounts (HSAs). The question asks whether you made any contributions to an HSA in 2020, and if so, how much you contributed.
Finally, there are a few changes to the instructions for the form. The most notable change is that filers can now choose to have their refund deposited directly into up to three different bank accounts. This is a convenient option for people who have multiple accounts or who want to split their refund among family members.
2021 IRS Form
Now that we’ve looked at what’s new on the form, let’s go over how to fill it out. First, you will need to provide your personal information, such as your name, address, Social Security number, and date of birth.
Next, you will need to report your income from all sources. This includes wages from your job, interest and dividends from investments, and any other type of income you received during the year. Be sure to include all forms of income so that you don’t under-report your earnings and end up owing taxes later on. After reporting your income, you will need to calculate your taxes owed using the tax tables included in the instructions booklet. Once you have calculated your taxes owed, you can either pay them in full or request an extension from the IRS if you cannot pay them by the April deadline.
Finally, if you are due a refund from the IRS, you will need to provide your bank account information so that they can direct deposit the money into your account. You can also choose to have your refund mailed to you in the form of a check or money order.
The 2021 IRS Form is very similar to last year’s form, with only a few minor changes. The biggest change is the addition of a question about cryptocurrency transactions. Other changes include a new question about Health Savings Accounts and some minor changes to the instructions booklet. Filling out the form is relatively simple; just be sure to report all forms of income and calculate your taxes owed using the provided tax tables. If you are due a refund from the IRS, be sure to provide your bank account information so that they can direct deposit the money into your account. Thanks for reading!