HERE is a welcome new for seniors like me. Probably you too. We hate filling out tax forms with small words crammed into small boxes. Fear not, support is on the way with a new simpler 1040 SR. It displays bigger fonts for elderly eyes.
Here are 10 things about this new simple form 1040 SR.
1. The new form 1040 is designed to help taxpayers 65 and older.
2. It will be easier for seniors to enter retirement income and other tax benefits.
3. You don’t have to be retired to use this form.
4. Using the new form isn’t mandatory and seniors can still use regular federal tax forms. The form is based off the regular 1040 with the same schedules, instructions and attachments.
5. Taxpayers who still file by paper will find the new form easier for aging eyes.
6. Fonts are bigger and easier to read.
7. The shading in boxes on the regular 1040 has been removed to improve contrast.
8. The form has lines for specific retirement income streams such as Social Security benefits, IRA distributions, pensions and annuities.
9. The form makes it simpler for seniors to take advantage of the full standard deduction.
10. It also includes the extra standard deduction amount for taxpayers aged 65 so seniors don’t have to search for it.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation.
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He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits.” Readers may email tax questions to [email protected]