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IRS Loves Seniors—Form 1040SR
Are you over age 65? Congress and the IRS are thinking of you . . . They’re developing a new Tax Form just for you for 2019 Tax year. It’s called Form 1040SR. It is styled much like the discontinued Form 1040EZ. The differences:
- It’s 2 pages
- It’s for Seniors age 65 and older
- No income limitation
- Font is larger
- Can claim dependents
- Can claim Social Security and Retirement Income
- Credits claimable include: Earned Income Credit, Education Credit and Child Tax Credit.
Apparently the Form is supposed to only allow for those taking the Standard Deduction, but line 9 seems to imply that it may be possible to itemize.
The downside: It’s not for those under age 65, or Small Business Owners, and if the Form is restricted to Standard Deduction as planned, then itemizers (e. g. those with a lot of medical, charity or mortgage interest expense) can’t use it either.
Will it be easier to use? Who knows? We’ll find out this coming tax season!
To preview the draft version of Form 1040SR see: https://www.irs.gov/pub/irs-dft/f1040s–dft.pdf