New Simplified 1040-SR for Seniors

New Simplified 1040-SR for Seniors

The IRS has released a draft of Form 2019 1040-SR.  This is a U.S. tax return for seniors (individuals age 65 or older).  This is a simplified form (similar to the former 1040-EZ, but will be for seniors only). However, unlike the 1040-EZ, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements can be reported on the 1040-SR.   Also the 1040-SR does not have an income limit. 

Taxpayers cannot itemize if filing Form 1040-SR.  If itemizing deductions would be more beneficial, the taxpayer can file Form 1040 and still receive the additional standard deduction for aged (65 or older).  For 2019, the additional standard deduction amount for the aged or blind is $1,300 for each occurrence.  The additional standard deduction amount increases to $1,650 for unmarried taxpayers.

Colleen Minnich