Seniors Will Soon Have Their Own IRS Tax Form
The new Form 1040-SR should allow seniors (and some younger tax filers) to file taxes without benefit of an accountant, starting with 2019 tax filings.
Since Form 1040-SR uses large print, the rationale behind the two-page filing is that it should be easier for seniors to see. Some of the shading around the boxes that tax filers complained about has been removed, making the form brighter.
It will allow them to immediately figure out what, if any, refund they’ll get back since the Standard Deductions Chart is on the form.
The new 1040-SR form will likely help a broad swath of Americans, who want to handle their own tax filings. It is comparable in style to the 1040-EZ form that was phased out last year. It can aid those in need of a simpler way to configure and pay taxes – especially seniors who prefer to file by paper rather than electronically.
“Approximately 10 percent, or 15 million, taxpayers might qualify for the 1040-SR,” estimates Kristian Finfrock, founder of Wisconsin-based Retirement Income Strategies.
So, what’s the downside? Using Form 1040-SR doesn’t allow you to itemize. Seniors, who still operate a small business, itemize because of state and local taxes or charitable giving will need to continue filing on standard Form 1040 with Schedules attached.