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With the new tax filing division aloof months away, the Internal Revenue Service (IRS) has appear the added abstract of federal anatomy 1040-SR, U.S. Tax Return for Seniors. The form, with beyond book and beneath careful boxes, is advised to accomplish activity easier for some of the about 15 actor chief households accepted to book tax allotment in 2020.
Taxpayers got wind of the new 1040-SR in December of 2017 as allotment of the Chairman’s Mark of the Tax Cuts and Jobs Act (TCJA). In that antecedent markup, Congress proposed a new federal anatomy 1040-SR for use by bodies who are age 65 or older. At the time, the anatomy was declared “as agnate as accessible to the Anatomy 1040EZ.” The aberration was declared to be that the use of anatomy 1040-SR would not be bound by taxable assets or by assertive assets types.
The afterward year, the IRS pulled the plug on anatomy 1040EZ (used by about 25 actor taxpayers). That’s why you didn’t see a anatomy 1040EZ during the 2019 tax filing season. The anew redesigned anatomy 1040 (which was redesigned afresh in July of 2019) replaced the old anatomy 1040 and forms 1040A and 1040EZ.
(You can apprentice added about the 1040EZ, including its history, here.)
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Despite the redesigned anatomy 1040 and the abolishment of the anatomy 1040EZ, there was no anatomy 1040-SR to be begin in 2019. That’s because anatomy 1040-SR didn’t become allotment of the TCJA. Instead, it was pushed through as allotment of the Bipartisan Budget Act of 2018. Under the Act, Congress directed the IRS to architecture anatomy 1040-SR to be “as agnate as accessible to Anatomy 1040EZ” with a few exceptions, conspicuously “only for individuals who accept accomplished age 65 as of the abutting of the taxable year.”
Unlike the old anatomy 1040EZ, there are no assets banned or restrictions on the kinds of assets that can be appear on anatomy 1040-SR. But clashing the old anatomy 1040EZ, the abstract anatomy 1040-SR allows taxpayers to affirmation the accepted answer or catalog deductions. The accepted answer amounts for the 2019 tax year are $12,200 for individuals, $18,350 for active of household, and $24,400 for affiliated couples filing accordingly and actual spouses. For 2019, the additional accepted deduction amount for seniors or the dark is $1,300. The added accepted answer bulk increases to $1,650 for unmarried taxpayers. (You can acquisition tax rates, accepted answer amounts and added for the 2019 tax year here. You can see the projected amounts for 2020 here.)
Like the aboriginal abstract of the anatomy 1040-SR, the best contempo abstract is two pages long, admitting you may charge to attach added schedules.
Here’s what the advanced folio looks like:
And here’s what the added folio looks like:
You can appearance the complete 2019 abstract version here (downloads as a PDF).
Remember that this is aloof a draft. The IRS warns on the advanced page: Do not book abstract forms and do not await on abstract forms, instructions, and publications for filing.
That agency that the IRS could still accomplish changes: this adaptation is, afterwards all, aloof a few months earlier than the aftermost abstract accessible for accessible inspection. The IRS does accede comments about abstract forms. You can email castigation to [email protected]
While 15 actor taxpayers could account from the new anatomy – about 10% of taxpayers – that cardinal is acceptable on the aerial end. Many seniors don’t book their tax allotment by hand: alike the best tech-averse use tax software or appoint a tax professional; overall, about 90% of taxpayers are accepted to use a tax preparer or book electronically.
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