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Seniors: We are getting our tax Form 1040 SR
IRS ^ | 2019 | IRS

Posted on 08/05/2019 12:14:56 PM PDT by Raycpa

This is an early release draft of the new 2019 IRS Form 1040-SR, U.S. Tax Return for Seniors, which the IRS is providing for your information, review, and comment. There is a 30-day comment period for this draft form (see below).

Snip>>>

If you wish, you can submit comments about this draft form to WI.1040.Comments@IRS.gov. We cannot respond to all comments due to the high volume we receive. Please note that we may not be able to consider some suggestions until the subsequent revision. Please send comments no later than August 15.

(Excerpt) Read more at irs.gov ...


TOPICS: Miscellaneous
KEYWORDS: dsj02; irs1040sr; irstaxform; seniors
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To: lakecumberlandvet
re. Let them live out the remainder of their days in tax-free peace.

Or at least stop taxing SS benefits.

41 posted on 08/05/2019 3:35:27 PM PDT by ken in texas
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To: lakecumberlandvet

Nice idea. I love it.
But there is one little problem with it. Retired folk soon pick up the privilege of paying a new tax—on any required IRA and 401K withdrawals that being at age 70—or instead pay the IRS a high penalty if their withdrawal is not made on time.
Truly nothing is sure in life but death and taxes.


42 posted on 08/05/2019 6:33:58 PM PDT by Carborundum
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To: ken in texas

Or at least stop taxing SS benefits.
*********************************
I’ll be 77 this month, and single since 1995. In the early 2000’s I began doubling my mortgage payments (paid off mortgage 10 yrs. early). By 2004, my interest deductions were so low that even with property taxes I could no longer use Skd. A, so used the higher standard deduction.

Since age 65, I have used the worksheet for figuring the tax on SS benefits. Every year I have to pay several thousand with my paper return. Since about 2010, I’ve gotten a letter from the IRS in June explaining that I owe more $$ because I didn’t pay more SS tax plus fines for late payment. ....This June that was $896.


43 posted on 08/05/2019 9:32:47 PM PDT by octex
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To: Raycpa

Bookmark


44 posted on 08/05/2019 9:34:02 PM PDT by Irish Eyes
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To: Buckeye McFrog

It’s not like they expect blind folks to actually fill out their own data...I like the relative simplicity of the form....not a post card but closer.


45 posted on 08/06/2019 3:21:52 AM PDT by trebb (Don't howl about illegal leeches, or Trump in general, while not donating to FR - it's hypocritical.)
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To: DaveArk

LOL! It still beats a rape divorce in the USA.


46 posted on 08/06/2019 6:26:16 AM PDT by Vigilanteman (The politicized state destroys aspects of civil society, human kindness and private charity.)
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To: grobdriver
😆
47 posted on 08/06/2019 7:44:08 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: Raycpa

I see under deductions it gives ‘standard’ or ‘itemized’. I wonder if my wife and I get any deduction for us and being over 65, if we use itemized to include what we give to charities?


48 posted on 08/06/2019 10:51:39 AM PDT by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: GreyFriar

You use whatever is greater. All your itemized deductions or the standard deduction. If you are making regular contributions and you are also taking minimum distributions from IRA you can consider having your IRA make the contribution. This way you get the tax deduction for the charity PLUS the standard deduction.


49 posted on 08/06/2019 10:59:11 AM PDT by Raycpa
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To: Raycpa

If I understand you correctly, under itemization, only my charitable contributions count, not like the old time a couple of years ago, when I got 2 x $6,000 for my wife and I just for filing and then another 2 x $6,000 for both of us being over 65 and could still take my charitable and property taxes? Or should I just use turbo tax and let it figure it out? I”ve used turbo tax for several years, except for last year when I retired plus moved and sold/bought houses...for that I got an accountant to do my taxes.


50 posted on 08/06/2019 11:06:31 AM PDT by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: GreyFriar

The standard deduction for married both over 65 is currently $26,600. So if your charity plus up to 10k in taxes plus interest on mortgage plus excess medical expense is less then you would take standard deduction and charity won’t change your taxable income.

However, if you are over 70 1/2 and have an IRA you could have charity paid from IRA and deduct that from your income thereby getting a tax deduction for you charity plus getting your standard deduction of $26,600.

https://www.investopedia.com/taxes/can-i-use-money-my-ira-donate-charity/


51 posted on 08/06/2019 11:55:18 AM PDT by Raycpa
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To: GreyFriar

“I see under deductions it gives ‘standard’ or ‘itemized’. I wonder if my wife and I get any deduction for us and being over 65, if we use itemized to include what we give to charities?”

With the new standard deduction, you have to have big medical expenses or really high property taxes to justify itemizing. Nobody in my house (3 of us) came close to exceeding the standard deduction on a Sched. A.


52 posted on 08/06/2019 12:09:35 PM PDT by FXRP (Cogito, ergo Spam!)
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To: FXRP

Additionally, you have to make at least $25,000 (estimate) before you pay any income taxes at all. The tax rate on your first $13K is 0 and then you get the $12K+ standard deduction. You pay income tax on the amount above $25K.


53 posted on 08/06/2019 12:13:39 PM PDT by FXRP (Cogito, ergo Spam!)
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