The Bipartisan Budget Act of 2018 required the IRS to create a tax form for seniors. Taxpayers age 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors. Form 1040-SR, when printed, features larger font and better readability.
Taxpayers born before Jan. 2, 1955, have the option to file Form 1040-SR whether they are working, not working or retired. The form allows income reporting from sources common to seniors such as investment income, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements. Eligible taxpayers can use Form 1040-SR whether they plan to itemize or take the standard deduction. Married people filing a joint return can use the Form 1040-SR regardless of whether one or both spouses are age 65 or older or retired.
Adapted from TAXPRO Weekly
Snyder Tax Service 