IRS Highlights Availability of Form 1040-SR for Seniors03 February 2020
The IRS highlighted the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart making it easier for older Americans to read and use. All lines and checkboxes on Form 1040-SR mirror the Form 1040, and both forms use all 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. Moreover, 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. Finally, the form can be used to file the 2019 federal income tax returns, which is due April 15, 2020.