{"id":704,"date":"2020-01-30T17:11:58","date_gmt":"2020-01-30T17:11:58","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=704"},"modified":"2020-01-30T17:12:04","modified_gmt":"2020-01-30T17:12:04","slug":"new-form-1040-sr-alternative-filing-option-available-seniors","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/new-form-1040-sr-alternative-filing-option-available-seniors\/","title":{"rendered":"New Form 1040-SR, alternative filing option available for seniors"},"content":{"rendered":"<p>WASHINGTON \u2015 The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use.<\/p>\n<p>The Bipartisan Budget Act of 2018 required the IRS to create a tax form for seniors. Taxpayers age 65 or older now have the option to use\u00a0<a title=\"Form 1040-SR, U.S. Tax Return for Seniors\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040-sr\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"e08d588a-ff37-4ccf-b63f-b42a2b37ba73\">Form 1040-SR, U.S. Tax Return for Seniors<\/a>. Form 1040-SR, when printed, features larger font and better readability.<\/p>\n<p>Taxpayers who electronically file Form 1040-SR may notice the change when they print their return. More than 90% of taxpayers now use tax software to prepare and file their tax return.<\/p>\n<p>Taxpayers born before January 2, 1955, have the option to file 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.<\/p>\n<p>Seniors can use Form 1040-SR to file their 2019 federal income tax return, which is due April 15, 2020. All lines and checkboxes on Form 1040-SR mirror the Form 1040, and both forms use all the same attached schedules and forms. The revised\u00a0<a title=\"2019 Instructions\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"d6635433-611d-474d-aea4-0f816139e0bf\">2019 Instructions<\/a>\u00a0cover both Forms 1040 and 1040-SR.<\/p>\n<p>Eligible taxpayers can use Form 1040-SR whether they plan to itemize or take the standard deduction. Taxpayers who itemize deductions can file Form 1040-SR and attach Schedule A, Itemized Deductions, when filing a paper return. For those taking the standard deduction, Form 1040-SR includes a chart listing the standard deduction amounts, making it easier to calculate. It also ensures seniors are aware of the increased standard deduction for taxpayers age 65 and older.<\/p>\n<p>Married people filing a joint return can use the Form 1040-SR regardless of whether one or both spouses are age 65 or older or retired.<\/p>\n<p>Both the 1040 and the 1040-SR use the same &#8220;building block&#8221; approach introduced last year that can be supplemented with additional Schedules 1, 2 and 3 as needed. Many taxpayers with basic tax situations can file Form 1040 or 1040-SR with no additional schedules.\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/new-form-1040-sr-alternative-filing-option-available-for-seniors\">https:\/\/www.irs.gov\/newsroom\/new-form-1040-sr-alternative-filing-option-available-for-seniors<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON \u2015 The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-704","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Form 1040-SR, alternative filing option available for seniors - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ayoub-associates.com\/blog\/new-form-1040-sr-alternative-filing-option-available-seniors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Form 1040-SR, alternative filing option available for seniors - Ayoub Sidhum &amp; Co.\" \/>\n<meta property=\"og:description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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