New Tax Form For Senior Citizens

The new tax reporting system was billed as “so easy it can be done on one page”. They conveniently left out the fact that there were six schedules that you needed to complete in order to fill out the “one page”. In any event, it seems that the new reporting system has reduced the “administrative burden” (paper) for the IRS.

New this year is an optional form that can be used by senior citizens to file. It is form 1040 -SR 

It is designed specifically for taxpayers aged 65 and older. The form was specifically required by the Bipartisan Budget Act of 2018. It is intended to look very much like the 1040 EZ but with modifications for seniors. It does include a standard deduction table on the front page, which is helpful but there is a need to use schedules for additional income.