The IRS released the 1040-SR “US Tax Return for Seniors” in mid-July. The new form was created by the 2018 Bipartisan Budget Act. Those age 65 and older will be able to use this form to file their 2019 tax returns.
Using the new form isn’t mandatory, but seniors can choose to use it if they want to. The form is based off the regular 1040, and the IRS says it uses all the same schedules, instructions and attachments. Older taxpayers who use tax software to file are unlikely to even notice.
But for taxpayers who still file by paper, the new form will be modified for aging eyes. The font is bigger to make the text easier to read. The shading in boxes on the regular 1040 has been removed to improve the contrast and increase legibility. The form lists the standard deduction amounts, including the extra standard deduction amount that taxpayers age 65 and older qualify for “so seniors don’t have to hunt for it. The form has lines for specific retirement income streams, such as Social Security benefits, IRA distributions, and pensions and annuities. But the IRS says you don’t have to be retired to use the form.
You can take a look at the draft form of the 1040-SR at IRS.gov/draftforms .
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