Form 1040-SR is designed to provide simplified filing for seniors. It is available to those taxpayers age 65 or older by the end of the tax year. In addition to providing a higher standard deduction, it allows the reporting of income from a greater variety of sources than Form 1040-EZ.
In general, tax form 1040-SR, though welcome, is not a magic bullet. For one thing, the new form only applies to tax years beginning in 2018. Nevertheless, it is a significant step toward simplifying the filing process for seniors. If you are age 65 or older and have uncomplicated tax situations, filing printable form 1040-SR is likely your best option. If you are not age 65 by the end of the year for which you are filing, you will have to use original and well-known Form 1040.
But because this form is simpler, it may be a good idea to use it if you're filling out your tax return by hand.
The standard deduction table has moved to Page 4 for 2020, making it easier to use. There are also new questions relating to virtual currency transactions that must be answered. The IRS is trying to make sure virtual currency transactions, such as Bitcoin purchases, are being reported.
To sum up, if you are at least age 65 and otherwise meet the requirements, you can use Form 1040-SR printable pdf to file your taxes for the year beginning in the tax year after you reach age 65. If you were born on June 30, 2019, you can use this document when you file your taxes for the year beginning in 2021 and 2022.
In addition, the IRS offers free tax preparation assistance for seniors through the Volunteer Income Tax Assistance (VITA) program. If you have additional questions or concerns about filing your taxes, you can get help from the IRS through the Taxpayer Advocate Service or using our forum.
Are you using IRS Form 1040-SR printable to file your taxes this year? Leave a comment below and let us know.