Seniors Tax Form
Heard there is a new tax form for the 65+ crowd this year.
(no, that is not the start of a bad joke, even though it does sound like a rather interesting opening line)
The 1040-SR
One of the biggest changes that taxpayers faced last year as a result of tax reform was a new 1040 tax form. The IRS eliminated the popular 1040-EZ and 1040A short forms, requiring everyone to use the full revised Form 1040. Last year's 1040s offered a primary return page that was short and chock-full of information, but many found the numerous schedules and attachments difficult to follow.
Now, the IRS is bringing a new option to a key group of taxpayers. Seniors 65 or older will have the opportunity to file on a brand new tax form, Form 1040-SR, which more closely resembles the old short-form returns from before new tax laws took effect. Below, we'll look at the form and the requirements for using it.
(https://www.fool.com/taxes/2020/01/05/form-1040-sr-should-you-use-it-for-your-2019-tax-r.aspx)
I have no doubt in saying that most Americans think tax forms are a confusing mess of boxes.
That said, anything to help out the senior crowd is a "win" in my opinion.
Grace & Peace & Love to you all -
Matt
(no, that is not the start of a bad joke, even though it does sound like a rather interesting opening line)
The 1040-SR
One of the biggest changes that taxpayers faced last year as a result of tax reform was a new 1040 tax form. The IRS eliminated the popular 1040-EZ and 1040A short forms, requiring everyone to use the full revised Form 1040. Last year's 1040s offered a primary return page that was short and chock-full of information, but many found the numerous schedules and attachments difficult to follow.
Now, the IRS is bringing a new option to a key group of taxpayers. Seniors 65 or older will have the opportunity to file on a brand new tax form, Form 1040-SR, which more closely resembles the old short-form returns from before new tax laws took effect. Below, we'll look at the form and the requirements for using it.
(https://www.fool.com/taxes/2020/01/05/form-1040-sr-should-you-use-it-for-your-2019-tax-r.aspx)
I have no doubt in saying that most Americans think tax forms are a confusing mess of boxes.
That said, anything to help out the senior crowd is a "win" in my opinion.
Grace & Peace & Love to you all -
Matt
