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New tax form geared toward older filers

On Behalf of | Jul 26, 2019 | Income Taxes

Georgia residents who are 65 and older may able to make use of Form 1040-SR, which is designed to be easier to read. It is also designed to focus more on retirement income and making older taxpayers aware of potential tax benefits. A draft version of the form was released in early July 2019, and the IRS says that it will be available when it comes time to file 2019 tax returns.

The IRS also says that this form is much like the traditional Form 1040, and there is no requirement to use the version designed for seniors. Generally speaking, the changes were designed for those who still file a return by paper instead of electronically. It comes with larger font and clearly states what the standard deduction is for the given tax year. There is also a notice that those over 65 may qualify for a larger standard deduction, which many taxpayers might not be aware of.

Tax professionals say that the form can be useful for those who are retired or still working. The new form has been called an alternative to the 1040 EZ for those who have IRA distributions or other income that makes them ineligible to use it. The public is allowed to comment on the current version of the form until Aug. 15.

Those who earn income in a given year are generally required to pay income taxes. This may be true whether the income was obtained from an employer, from the sale of stock or from any other source recognized by the IRS. Those who have questions about a tax form or when a form needs to be filed by may speak with an attorney. It may also be possible to ask a tax question directly to the IRS.