New Form 1040-SR, Alternative Filing Option Available for Seniors

The U.S. Internal Revenue Service (IRS) wants to raise awareness of the availability of a new U.S. Tax Return for Seniors with larger print and a standard deduction chart in the hope of making it more accessible to older Americans, reports TAPInto.net . Taxpayers 65 or older can use Form 1040-SR, which when printed boasts larger font and better readability. Taxpayers who electronically file Form 1040-SR may note the change when they print their return, and over 90 percent of taxpayers currently use tax software to prepare and file their return. Taxpayers born before Jan. 2, 1955, can file Form 1040-SR whether they are employed, unemployed, or retired. The form allows income disclosures from other sources seniors often have, like investment income; Social Security; and distributions from qualified retirement plans, annuities, or similar deferred-payment arrangements. Qualifying taxpayers can use Form 1040-SR whether they intend to itemize or opt for the standard deduction.