New… US Tax Return for Seniors – Did you know??

Senior tax form was required to be created and the IRS has posted early drafts of the 2019 Form 1040-SR, U.S. Tax Return for Seniors, and the 2019 Form 1040 and related numbered schedules. The IRS expects to release the related draft instructions for comment this fall.

The Bipartisan Budget Act of 2018 included a provision that requires that the IRS publish a simplified income tax return form, designated a Form 1040-SR, for use by persons who are age 65 or older by the close of the taxable year. The form was required to be as similar as possible to the Form 1040-EZ.

Unlike the Form 1040-EZ, Form 1040-SR is not restricted based on the amount of taxable income to be shown on the return, or the fact that the income reported for the taxable year includes social security benefits, distributions from qualified retirement plans, annuities or other such deferred payment arrangements, interest and dividends, or capital gains and losses taken into account in determining adjusted net capital gain. Taxpayers who file Form 1040-SR must use the standard deduction.

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