New 1040 Form to File for Seniors
The new 1040 form to file for seniors has been released by the IRS recently, but there has been some confusion going around about what that actually means. Why do seniors need to fill out a different form all of a sudden? And what is it for, anyway? Well, because there is quite a bit of uncertainty about the new 1040 form to file for seniors, this article is here to help. Here you will find the answers to all the questions you may have about the new 1040 form – and maybe even a bit more than that. So, what is the deal with the new 1040 form to file for seniors?
– It was revised a few times already.
This new 1040 form to file for seniors is already the second draft of the federal form 1040-SR, U.S. Tax Return for Seniors. The idea of this new form already went public in 2017, as part of the Chairman’s Mark of the Tax Cuts and Jobs Act (TCJA). Some confusion may also have come out of the fact that the following year, the IRS canceled the 1040EZ, and replaced the old form 1040 and forms 1040A and 1040EZ in 2019. But the most important thing is that the new 1040 form to file for seniors is the one for you if you are above 65 years of age.
– It has design changes.
The new 1040 form to file for seniors brings with it many changes, but what you will notice at first glance is the change in design. Because the IRS really wants to make the unpleasant but necessary act of paying your taxes as simple and easy as possible. So, the new 1040 form to file for seniors features larger print for all the different notices and explanations that the form holds. It also has less fussy boxes, so that hopefully, the general readability for seniors is increased significantly.
All of these changes are aimed at making life a lot easier for the roughly 15 million senior households in the country that are going to file a tax return in 2020. Another intention behind the design changes is that the form is really supposed to be as similar as possible to the original form – presumably so that there will be no confusion among people who know their taxes, but things are still made easier for those who used to be annoyed by the tiny fonts and fuzzy boxes every year. This really is one of the main reasons behind the new 1040 form to file for seniors, but that is not all because…
– It has content changes, too.
With their new 1040 form to file for seniors, the IRS had the opportunity to also implement some of the changes that they were probably thinking about for a long time now but had a hard time pushing through so far. After all, changing a major IRS document is nothing to be taken lightly. It is expensive to make these changes, and there is always the risk that it causes a lot of confusion among those who then have to deal with the changed tax forms.
This means that the IRS is usually understandably conservative about making changes to their forms and practices, for that very reason. So, when they now had the opportunity to implement some changes, it makes sense that they went for it. One thing that the new 1040 form to file for seniors has different from its predecessor is that there are no income limits or restrictions on the kinds of income that can be reported.
This could just be an attempt by the IRS to make sure that there are no more excuses for not telling them about some of the income that you have, but it could also make life much easier by simply streamlining the process a bit more. What remained the same, on the other hand, is that you still must take the standard deduction. For the 2019 tax year, the standard deduction amounts are $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples who file jointly – as well as for surviving spouses.
Further, the additional standard deduction amount for seniors or the blind is set at $1,300. For unmarried taxpayers, the standard deduction amount increases to $1,650. The current version of the new 1040 form to file for seniors that the IRS published is two pages long, but it is important to keep in mind that this is still a draft version. The IRS is very clear on the fact that you should not file draft forms, or rely on draft forms, instructions, and publications for filing. The current version could still change, so keep that in mind.
So, if you are a senior who files their tax return by hand, then you will have a great and newly-designed tax form ready for use soon. The new 1040 form to file for seniors is no its way, but it brings with it mainly cosmetic changes, rather than deep content revisions.