The new 1040-SR form may make filing easier for seniors

New FICO system could impact your rating


A new tax form could make filing returns easier on the eyes of older people.

The two-page form, known as 1040-SR, uses a bigger font than the standard 1040 form, has more spacing and is better at contrasting colors. Taxpayers who turn 65 on or before Jan. 1, 2020, can use the new form for their 2019 returns. For married couples filing jointly, only one of them needs to be 65 to use the form. 

Most tax-preparation software can generate the larger-font form, but experts say it will be most useful for those who still file on paper. 

“The IRS is collecting data to see how many individuals opt into using this form in an effort to gauge its popularity,” says Christina Taylor, head of operations Credit Karma Tax.

Divorce, alimony and taxes:What you need to know

Taxes 2020:When to file and what changes to expect

Person filling out tax forms.

The 1040-SR is similar to the 1040-EZ, a form the IRS discontinued and replaced with the redesigned 1040 form. It allows you to report Social Security benefits and distributions from qualified retirement plans or annuities.

The new form includes a standard deduction chart at the bottom of the first page. Seniors may also qualify for a bigger standard deduction. For those 65 or older and single, their standard deduction increases by an additional $1,650 over the deduction for those younger than 65 who file as individuals. 


Source link

Categorized as Top Stories

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.