1040sr

[PointBreeze]

New form coming for those over-65 for 2019 tax year: https://www.investopedia.com/taxes/seniors-get-new-simplified-tax-form/

Similar to the 1040EZ, but does not have an income limit, allows the forms of income common for seniors, no itemizing allowed (not that many of us do that any more...).

May not need TurboTax for 2019 taxes and thereafter (after more than 20 years of using it faithfully).

 

[DatumPoint5]

Link did not work. It has a duplicate "http:// at the end of the link......
Try this one....... Simplified Form for Seniors

 

[SumDay]

Guessing we BOTH have to be 65?

 

[rk911]

that will prob be a TT option next year.

 

[timo2]

Guessing we BOTH have to be 65?

There was this in the document that hinted at something

"What About Tax Deductions?
Seniors who fill out Form 1040SR must take the standard deduction. Remember that if you're 65 or over, you are entitled to an additional $1,300. For an individual, that would raise the standard deduction to $13,300 for tax year 2019, the first year you can use the form. For a married couple, if one is 65 or over the deduction would rise to $25,300. And if both are: $26,600."

 

[gauss]

New form coming for those over-65 for 2019 tax year: https://www.investopedia.com/taxes/seniors-get-new-simplified-tax-form/

Similar to the 1040EZ, but does not have an income limit, allows the forms of income common for seniors, no itemizing allowed (not that many of us do that any more...).

May not need TurboTax for 2019 taxes and thereafter (after more than 20 years of using it faithfully).

The linked article makes mention of forms 1040-EZ and 1040-A. These forms are obsolete in 2018 and the 1040 form has been given a major overhaul.

As such, I would probably want to fact check this article before making plans to fill out a 1040sr that may never see the light of day.

-gauss

 

[pb4uski]

Just what society needs... yet another tax form. We should have one for kids then too.

 

[ERD50]

Just what society needs... yet another tax form. We should have one for kids then too.

Actually, that could be a good idea. Just like the 1040-EZ and this 1040-SR, if you tailor it to the audience, it can be simplified.

Here's another simplification I'd like to see - this would be a major simplification, and should be do-able, and would help so many people:

Remove most of these various tax credits/deductions from the main 1040 form. For example, there's a deduction for energy efficient furnace, windows, etc. And if you go through a tax program, they have to ask you about this and a million other things, because they don't know if any of it applies or not. But each one only applies to a pretty small subset of people each year. And all this needs to be coded into the tax programs, making that a complex task.

Instead, if you buy an energy efficient furnace or one of these other things, you should be given a form to fill out that is completely separate from the 1040. That separate form could accept input from your 1040 if needed. In that way, the process of filling out our taxes would not be bogged down with all these extraneous details. Let the people it applies to deal with the details.

-ERD50

 

[timo2]

The linked article makes mention of forms 1040-EZ and 1040-A. These forms are obsolete in 2018 and the 1040 form has been given a major overhaul.

As such, I would probably want to fact check this article before making plans to fill out a 1040sr that may never see the light of day.

-gauss

I looked around the interwebs and could not find anything else on this form