{"id":2306,"date":"2019-07-27T07:43:26","date_gmt":"2019-07-27T07:43:26","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=2306"},"modified":"2020-02-14T04:31:23","modified_gmt":"2020-02-14T04:31:23","slug":"form-1040-sr-u-s-tax-return-for-seniors","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/form-1040-sr-u-s-tax-return-for-seniors\/","title":{"rendered":"Form 1040-SR, U.S. Tax Return for Seniors"},"content":{"rendered":"\n
The Bipartisan Budget Act signed into law by President Donald Trump in February 2018 required that the IRS publish a simple form for senior citizens. Thus came this new Form 1040-SR exclusively for senior citizens which is similar to the 1040-EZ in several ways . <\/p>\n\n\n\n
The biggest specialty is that it is much simpler than Form 1040. There are no income limits or restrictions on the kinds of income that can be reported on the form. <\/p>\n\n\n\n
This form 1040-SR does not allow itemized deduction , so a senior citizen must<\/em> take the standard deduction. This is not a bad idea because under new tax rate for 2019<\/a> , the standard deduction has been doubled . The standard deduction for the 2019 tax year are as under:<\/p>\n\n\n\n IRS Form 1040SR lets you include several types of income in addition to those allowed by 1040EZ .<\/p>\n\n\n\n Form 1040SR has no limit<\/strong> on the amount of your total income for a given taxable year. This is unlike Form 1040EZ, <\/strong>which limits interest income to $1,500 and total income to $100,000 or less <\/p>\n\n\n\n Have you read five points on senior citizen tax help.<\/p>\n\n\n\nWho can not use Form 1040-SR<\/h2>\n\n\n\n
No Income Limit for Use of 1040R<\/h2>\n\n\n\n