2019 New Tax Form For Seniors
A new 1040 form designed specifically for older Americans will be available next year in time for filing 2019 taxes. At least 10% of the 150 million Americans who file taxes are aged 65 and older. This new form should make it simpler for those older Americans.
The new form (1040-SR) uses large print, making it easier for seniors to use. Some of the shading around the boxes have been removed so that the form is brighter. Previously, seniors had to look up the Standard Deductions Chart. However, now this chart appears on the form, which will allow seniors to immediately figure out what refund they will receive.
In the Bipartisan Budget Act of 2018, Congress mandated that the IRS allow seniors the ability to file taxes easily and without an accountant. The 1040-SR is still being drafted but should be available in time to use for 2019 taxes. In the meantime, you can file comments about the form on the IRS website.
The new 1040-SR can be used by seniors who are age 65 prior to January 2. It will be helpful to those who want to handle their own finances and prefer to file by paper.
The 1040-SR is comparable in style to the 1040-EZ and should be helpful to seniors who receive much of their yearly income from capital gains.
The form has lines for specific retirement income streams, such as Social Security benefits, IRA distributions, pensions, and annuities. Seniors can take a child tax credit if they are caring for a dependent child or grandchild.
This new tax form should be helpful to many of America's seniors. It is estimated that approximately 15 million taxpayers will qualify for the 1040-SR. You can see a draft of the 1040-SR here.
Source: Seniors Will Soon Have Their Own IRS Tax Form by Ed Leefeldt