Congress Gives Seniors a New 1040SR Tax Form

American taxpayers 65 years and older may get to use a new form, Form 1040SR, to file their federal income tax returns for 2019 and later years, reports ThinkAdvisor . Section 41106 of the new Bipartisan Budget Act of 2018 (BBA) calls for the Internal Revenue Service to make the new form available for taxable years beginning after the date of the BBA's enactment. The new form is designed to resemble the Form 1040EZ, a simplified tax form targeting individuals with straightforward finances. The BBA says the new 1040SR will be available "only to individuals who have attained age 65 as of the close of the taxable year." Such taxpayers will be allowed to use the new form even if they must report Social Security benefits, distributions from annuities or retirement plans, interest or dividend payments, or capital gains and losses. The BBA says Form 1040SR "shall be available without regard to the amount of any item of taxable income or the total amount of taxable income for the taxable year." There is no indication that the BBA makes the form available to retirees ages 64 and younger. Members of Congress used the BBA as an omnibus measure to bring a number of Medicare bills to the White House. One Medicare-related provision could raise Medicare plan premiums for enrollees who have more than $500,000 annually in modified adjusted gross income, while other provisions could lead to new Medicare Advantage telehealth benefits.