Posted on 08/05/2019 12:14:56 PM PDT by Raycpa
This is an early release draft of the new 2019 IRS Form 1040-SR, U.S. Tax Return for Seniors, which the IRS is providing for your information, review, and comment. There is a 30-day comment period for this draft form (see below).
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If you wish, you can submit comments about this draft form to WI.1040.Comments@IRS.gov. We cannot respond to all comments due to the high volume we receive. Please note that we may not be able to consider some suggestions until the subsequent revision. Please send comments no later than August 15.
(Excerpt) Read more at irs.gov ...
https://www.irs.gov/pub/irs-dft/f1040s--dft.pdf
Ping for later. Very interesting, have to give this on a look. Thanks for posting!
I will just wait for TurboTax to roll it out. Sheesh. You have have to be a tax accountant or tax attorney to understand this stuff now.
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A box to check if you are blind?
Government thinking just never changes.
What’s the age for seniors to use this form??
Line 2: Send it in!
Can someone who actually reads the articles tell me what the big difference is here. I glanced at it..couldn’t even see how old you have to be to fill it out
In general, it appears that seniors are getting a larger standard deduction in return for giving up some of the things like saver's credit and student loan interest deductions.
Everybody's individual situation varies, but it looks like a nice option for retired folks to maybe keep a little more of their money and/or spend less time sorting deductions.
65
Age 65 and older.
A simplified 1040 EZ with fewer restrictions. Leaves out all that Alt Min Tax stuff from what I can see.
Standard deduction is straight up simple. Does allow reporting of business profit or loss. At first glance I like.
There’s always been a box to check if you’re blind.
Per the Draft Form.
You were born before Jan 2, 1955
That larger standard deduction has been in play for years.
The new form was created by the 2018 Bipartisan Budget Act, which among its provisions called for the development of a tax return that would be easy for seniors to use and highlighted retirement income streams and other tax benefits for seniors. Those age 65 and older will be able to use this form to file their 2019 tax returns, and the IRS presented an overview of the new form at the IRS Nationwide Tax Forum in National Harbor, Md., earlier this week.
Using the new form isn’t mandatory, but seniors can choose to use it if they want to. The form is based off the regular 1040, and the IRS says it uses all the same schedules, instructions and attachments. Older taxpayers who use tax software to file are unlikely to even notice.
But for taxpayers who still file by paper, the new form will be modified for aging eyes. The font is bigger to make the text easier to read. The shading in boxes on the regular 1040 has been removed to improve the contrast and increase legibility.
A highlighted feature of the new form is the addition of a standard deduction chart, said Darren Hamilton, an official in the agency’s forms and publications division who presented information about the new form. The form lists the standard deduction amounts, including the extra standard deduction amount that taxpayers age 65 and older qualify for “so seniors don’t have to hunt for it,” said Hamilton at the Maryland tax forum. The chart makes it simpler for seniors to take advantage of the full standard deduction for which they are eligible, particularly for those who may not even be aware of the extra amount for which they qualify.
The form has lines for specific retirement income streams, such as Social Security benefits, IRA distributions, and pensions and annuities. “AARP supported the development of the simpler 1040 SR tax form since most seniors could not use the 1040 EZ due to their different sources of income,” says David Certner, AARP legislative counsel.
But the IRS says you don’t have to be retired to use the form. The agency says the form is appropriate for older workers to use, too.
What about joint returns where one of us is over 65 and the other is not?
See the Kiplinger article in post #15. Maybe I just didn’t know about the larger standard deduction because age 65 was a ways off. Not anymore.
Make the comment to put it in braille. They’re taking comments now.
Looks like those born prior to 1955 for this year.
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