New Form 1040 for Seniors Proposed

Posted on Mon, Jul 29, 2019 ©2019 Drucker & Scaccetti

full-changes(2)-resized-600By: Rachel Kieser, CPA, MT

 

Starting with their 2019 tax returns, seniors may say "goodbye" to the 1040 Postcard and "hello" to a new tax return form called the 1040-SR. The IRS recently released a draft of the 1040-SR for comments on its website.  But, like its 1040 counterpart, 1040-SR is not as simple as it looks.

 

The new form contains two pages, similar to the new 1040 Postcard issued for 2018.  However, each page contains more lines and the information takes up almost the entirety of both pages, as opposed to half of the pages of the current 1040.  The bottom of the first page also includes an informational section to help taxpayers determine the amount of their standard deduction based on their filing status, age, and whether or not they are blind.

 

This may be the IRS's attempt to reduce the number of senior citizens that must attach additional schedules to their returns, as is required with the current 1040.  However, it appears that there are still Schedules 1 through 3 (vs. 6 schedules for the 1040) that may need to be attached to report detail on certain types of income, taxes, and credits.

 

You can review the draft of the new 1040-SR here and leave comments for the IRS through August 15, 2019.

Topics: Seniors, Senior Citizens, Form 1040-SR

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