New Form 1040-SR, alternative filing option available for seniors
The Internal Revenue Service wants seniors to know about the availability of a new tax form. Form 1040-SR featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use.
The Bipartisan Budget Act of 2018 required the IRS to create a tax form for seniors. Taxpayers age 65 and older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors. Form 1040-SR, when printed features larger font and better readability.
Taxpayers born before Jan. 2, 1955, have the option to file Form 1040-SR whether they are working, not working or retired. The form allows income reporting from other sources common to seniors such as investment income, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements.
Eligible taxpayers can use Form 1040-SR whether they plan to itemize or take the standard deduction. Taxpayers who itemize deductions can file Form 1040-SR and attach Schedule A, itemized deductions. For those taking the standard deduction, Form 10410-SR includes a chart listing the standard deduction amounts. It also ensures seniors are aware of the increased standard deduction for taxpayers age 65 and older.
Married people filing a joint return can use the Form 1040-SR regardless of whether one or both spouses are age 65 or older or retired.
The 1040-SR can be supplemented with additional Schedules 1, 2 and 3 as needed.