IRS Issues New Form 1040 for Seniors

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In a new release, IR-2020-24, the IRS reminds senior taxpayers of the availability of a new tax form, Form 1040-SR, U.S. Tax Return for Seniors, featuring larger print and a standard deduction chart making it easier for older Americans to read and use. The alternative form can be used to file the 2019 federal income tax returns, which are due April 15, 2020.

The primary benefit of the new form is the increased font size and improved readability of the printed information.  The forms offer no additional benefits to taxpayers beyond  the normal Form 1040. All lines and checkboxes on Form 1040-SR mirror the Form 1040, and both forms use all of the same attached schedules and forms. The revised 2019 instructions cover both Forms 1040 and 1040-SR.

Taxpayers born before January 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 including investment income, Social Security and distributions from qualified retirement plans. Married taxpayers filing a joint return can use the Form 1040-SR regardless of whether one or both spouses are aged 65 or older or retired.

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 with a Schedule A, Itemized Deductions, when filing their return. For those taking the standard deduction, Form 1040-SR includes a chart listing the standard deduction amounts, making it easier to calculate. It also ensures seniors are aware of the increased standard deduction for taxpayers age 65 and older.

Additional details and links to applicable schedules can be found on the IRS website.

Questions and comments can be directed to Bob Grossman or Don Johnston at 412-338-9300.

Related posts:

IRS Releases Draft of Simpler 2019 Tax Return for Seniors

Bob Grossman

Bob Grossman

Bob, one of the firm’s founding partners, has over 40 years of experience in public accounting. He specializes in tax and valuation issues that affect businesses as well as their stakeholders and owners. Bob has extensive experience working with the Internal Revenue Services and also serves as an expert witness in litigation matters.

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