The Internal Revenue Service is rolling out a new income tax form specifically for seniors. The 1040-SR is expected to be ready to use for 2019 filing.
The 1040-SR includes several features intended to make filing easier for older adults. It is just two pages long and has large print. It eliminates some of the shading that older people reported to be distracting. It includes specific lines for typical retirement income sources such as Social Security benefits, IRA distributions, annuities, etc.
To use the new form, filer and spouse must be 65 years old by January 2. The form can be used whether or not the filer is retired. Seniors can use this form no matter how high their income. Also, there is no cap on interest, dividends or capital gains. If the filer is taking care of a grandchild or dependent child, the form includes the option of taking a child tax credit. Another convenience is that the standard deduction figures are located directly on the form.
There is one potential drawback, though: The 1040-SR is only suitable if you are taking the standard deduction. It cannot be used if you are itemizing decuctions.
You can see a draft of the new 1040-SR here.
If you need assistance with filing taxes, the Karp Law Firm Certified Public Accountant, Rebecca Maglio, can help. She can be emailed here or reached by phone at (561) 472-6066. You need not be a client of our law firm to retain Ms. Maglio’s services.