A new tax form for seniors was expected to be finalized by August 2019, according to the IRS.
The new form solves several problems unique to seniors.
First, for people who file on paper, the form has much bigger type — bound to save some squinting.
It also attempts to simplify the 1040. Although the simplest form is the 1040 EZ, many seniors have income from various sources and can't use the EZ.
The new 1040 SR is based on the 1040 but it has some added features. The standard deduction schedule is on the form, not on an instruction sheet.
It also includes lines for retirement streams: Social Security benefits, IRA distributions, pensions, and annuities.
People 65 and older can use the 1040 SR, but they don't have to be retired. And, they don't have to use it at all.
