Seniors Will Soon Have Their Own IRS Tax Form

The U.S. Internal Revenue Service (IRS) will provide seniors with a new 1040 form in time for filing their 2019 taxes next year, reports CBS News . With Form 1040-SR, seniors will be able to file taxes without needing an accountant. The form has large print and is free of shading in certain boxes, which should make it easier for seniors to see and immediately determine what refund they will receive with the inclusion of the Standard Deductions Chart. The form is especially likely to appeal to baby boomers — who want to handle their own finances — as well as seniors who are computer-averse and prefer paper filing. "Approximately 10 percent, or 15 million, taxpayers might qualify for the 1040-SR," suggests Retirement Income Strategies founder Kristian Finfrock. The new form is expected to be useful to seniors who rely on capital gains for the bulk of their annual income. "The new form has lines for specific retirement income streams, such as Social Security benefits, IRA distributions, pensions, and annuities," says Align Wealth Advisors CEO Nicholas Yrizarry. However, Form 1040-SR does not allow filers to itemize, so small business owners will still need to file on standard Form 1040 with Schedule C.