Cross-thread operation not valid: Control 'textBox1' accessed from a thread other than the thread it was created on

The data received in your serialPort1_DataReceived method is coming from another thread context than the UI thread, and that's the reason you see this error.
To remedy this, you will have to use a dispatcher as descibed in the MSDN article:
How to: Make Thread-Safe Calls to Windows Forms Controls

So instead of setting the text property directly in the serialport1_DataReceived method, use this pattern:

delegate void SetTextCallback(string text);

private void SetText(string text)
{
  // InvokeRequired required compares the thread ID of the
  // calling thread to the thread ID of the creating thread.
  // If these threads are different, it returns true.
  if (this.textBox1.InvokeRequired)
  { 
    SetTextCallback d = new SetTextCallback(SetText);
    this.Invoke(d, new object[] { text });
  }
  else
  {
    this.textBox1.Text = text;
  }
}

So in your case:

private void serialPort1_DataReceived(object sender, System.IO.Ports.SerialDataReceivedEventArgs e)
{
  txt += serialPort1.ReadExisting().ToString();
  SetText(txt.ToString());
}

I don't know if this is good enough but I made a static ThreadHelperClass class and implemented it as following .Now I can easily set text property of various controls without much coding .

public static class ThreadHelperClass
{
    delegate void SetTextCallback(Form f, Control ctrl, string text);
    /// <summary>
    /// Set text property of various controls
    /// </summary>
    /// <param name="form">The calling form</param>
    /// <param name="ctrl"></param>
    /// <param name="text"></param>
    public static void SetText(Form form, Control ctrl, string text)
    {
        // InvokeRequired required compares the thread ID of the 
        // calling thread to the thread ID of the creating thread. 
        // If these threads are different, it returns true. 
        if (ctrl.InvokeRequired)
        {
            SetTextCallback d = new SetTextCallback(SetText);
            form.Invoke(d, new object[] { form, ctrl, text });
        }
        else
        {
            ctrl.Text = text;
        }
    }
}

Using the code:

 private void btnTestThread_Click(object sender, EventArgs e)
 {
    Thread demoThread =
       new Thread(new ThreadStart(this.ThreadProcSafe));
            demoThread.Start();
 }

 // This method is executed on the worker thread and makes 
 // a thread-safe call on the TextBox control. 
 private void ThreadProcSafe()
 {
     ThreadHelperClass.SetText(this, textBox1, "This text was set safely.");
     ThreadHelperClass.SetText(this, textBox2, "another text was set safely.");
 }

you can simply do this.

TextBox.CheckForIllegalCrossThreadCalls = false;