The 1040-SR: A New Tax Form for Seniors
You’ve probably heard that the IRS has moved Tax Day from April 15th to July 15th, but did you know that seniors have a new way to file in 2020? Thanks to the Bipartisan Budget Act of 2018, seniors can report retirement income easily with the 1040-SR.
When President Trump signed the Bipartisan Budget Act into law, he took a big step toward making tax season easier on seniors. The legislation, effective Tax Season 2019, created a new tax form specifically for Americans over 65, the 1040-SR.
Historically, many older Americans were forced to contend with the traditional 1040 form. While the IRS offered a simplified 1040-EZ, that form was unavailable to anyone over 65. The 1040-EZ was also flawed in that it did not accommodate income from Social Security. The majority of seniors had no choice but to spend twice as much time filling out the 1040.
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This new form notably includes a larger typeface to benefit seniors who file with paper forms. At just two pages in length, it’s also notably shorter than the traditional 1040 or 1040-EZ.
The 1040-SR will not, however, serve every senior. In particular, seniors who are under 65 and collecting Social Security will still need to fill out 1040s.
Tax Season Tips
A longer tax season is no excuse to get lazy. Seniors are advised to do their due diligence and identify a trusted tax professional to assist them throughout filing. Don’t forget though that “expertise” and certifications are no quality guarantee. Check out more of Senior Life Advisor’s tips for a low-stress tax season.