New Tax Form for Older Adults Highlighted by AARP

AARP is reporting on the Internal Revenue Service’s new “U.S. Tax Return for Seniors,” which could make filing season a bit less taxing for eligible older taxpayers.

According to AARP’s newsletter article originally posted here, older adults born before Jan. 2, 1955 may be able to use Form 1040-SR instead of the more complicated Form 1040. (Note: You don’t have to be retired to file the 1040-SR.)

Both forms use the same “building block” approach introduced last year that can be supplemented with additional schedules as needed. Taxpayers with straightforward tax situations should need to file only Form 1040 or Form 1040-SR with no additional schedules.

The senior tax return form generally follows the familiar 1040, albeit with slightly larger type for older eyes. It also has a chart for calculating your standard deduction — a good way to ensure that taxpayers 65 and older take the larger standard deduction to which they are entitled.

Comments

Before adding a comment, please be sure to read our blog comment policy.

Leave a Reply