With the 2019 tax filing season upon us, the IRS has attempted to make it easier for seniors to file their 2019 federal tax return. If you are 65 or older (or you turned 65 any time in 2019), you will have the option to use a new simple tax form for seniors, known as Form 1040-SR: U.S. Tax Return for Seniors, when you file your 2019 taxes in April 2020. In order to take advantage of this new form, you need to take the standard deduction—and the form incorporates the higher standard deduction for taxpayers age 65 and older. Form 1040-SR is similar to the now defunct Form 1040-EZ, which was designed for those with a straightforward tax scenario, such as taxpayers who take standard deductions.
KEY components of the new Form 1040-SR include:
- The new Form 1040-SR is a simplified tax form for seniors who have uncomplicated finances and who otherwise would have to file Form 1040.
- Form 1040-SR allows an individual to report income from wages, salaries, tips, and other income sources.
- The new form requires a senior to be 65 or older by the end of either 2019 or by the end of the tax filing year.
- Other senior-friendly features include larger font and spaces to fill in information.
- The new form also has no income tests and expanded income categories.
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