IRS creates new form to make filing process easier for seniors
The Internal Revenue Service launched a new tax form to help make the tax filing process easier for seniors.
The new Form 1040-SR will feature larger print and a standard deduction chart to make it easier for older Americans to read and use, according to a press release from the IRS. Taxpayers born before Jan. 2, 1955 have the option to file their federal income taxes during the 2020 tax season using the Form 1040-SR—whether they are working, not working or retired.
“The form allows income reporting from other sources common to seniors such as investment income, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements,” according to the IRS’ release.
The IRS created the form as required by the Bipartisan Budget Act of 2018.
Returns are due on April 15. The 2020 tax season opened on Jan. 27.
