The IRS Form 1040-SR or United States Tax Return for Seniors is a modification of the standard Form 1040 but especially designed for the tax return filers who are 65 years and above. The Bipartisan Budget Act of 2018 introduced the form with the vision of making it convenient to file the tax returns by the seniors by way of printing in larger fonts and adding a standard deduction table, which is easy to read and understand.
Eligibility criteria
For the tax filers to be eligible to use Form 1040-SR, he/she should be born on or earlier than January 2, 1955, and thus 65 years and above. The filer may use the form regardless of being employed, retired, or unemployed. Joint filing on Form 1040-SR may be done by married couples if one or both of them qualify on the basis of age.
Key features of Form 1040-SR
- Large print and legibility: The form appears in larger font sizes and better legible format to facilitate it being easily readable for the seniors.
- Standard deduction table: There is a prebuilt standard deduction table to facilitate the quick calculation of the standard deduction amount by seniors, hence making it convenient.
- Schedules compatibility: Form 1040-SR adopts the same schedules as the Form 1040, for example, Schedules 1, 2, and 3, which are adopted to report other income, deductions, or credits.
Instructions to file Form 1040-SR
Form 1040-SR filing is a relatively step-by-step process with a number of steps:
- Gather documents: All the documents such as W-2 forms, 1099 forms, Social Security statements, and other income or deduction documents are to be made available.
- Insert personal info: Fill in accurate personal information like name, address, Social Security number, and filing status.
- Report income: Report income from all sources including wages, pensions, Social Security benefits, dividends, and capital gains.
- Claim deductions: Choose to claim itemized deductions on Schedule A or take the standard deduction. The form includes a standard deduction chart for a guide.
- Calculate tax liability: Use tax tables in the instructions to calculate your tax liability if your income is $100,000 or less.
- Review and sign: Verify that everything is correct and sign the form.
Where to get Form 1040-SR
You can get Form 1040-SR from several sources:
- IRS website: You may also download the form from the IRS website or fill it out using their electronic fillable forms capability.
- Tax preparation services: Tax preparation firms like Jackson Hewitt assist with filling out and filing Form 1040-SR.
- Local libraries and post offices: Printed forms are offered at some libraries and post offices.
Filing Form 1040-SR
When you complete Form 1040-SR, you can electronically file using tax software or mail it to the proper IRS address. If there is tax you owe, fill in payment information on the form. The Free File by IRS provides free preparation and filing of tax returns as well as a free e-filing of those returns for qualified taxpayers with an income of $72,000 or less.
Form 1040-SR is a good instrument for the elderly, and it provides a more comfortable and convenient process for tax filing. Its features and step-by-step process can be handled better by the elderly through their tax requirements. Electronic and mailing filing is facilitated by Form 1040-SR that offers a simple tax compliance experience for those individuals who are over 65 years old.
