On July 11, the IRS released an early draft of a simplified individual income tax return for taxpayers aged 65 or over. The new form, Form 1040-SR, U.S. Tax Return for Seniors, is designed to make it easier for seniors to file their U.S. federal income tax return by highlighting retirement income streams such as IRA distributions, pensions, and annuities, and social security benefits, increasing the font size of the form to make it easier to read and including a standard deduction chart which lists the standard deduction amounts, including the extra standard deduction amount that taxpayers age 65 and older qualify for. The new form is scheduled to be finalized later this year and is expected to be available for use in filing 2019 tax returns.
To see a copy of the draft Form 1040-SR click here – https://www.irs.gov/pub/irs-
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