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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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I thought some elder Freepers might find this new form interesting. I also thought some might want to share comments that they wouldn't send to IRS.

https://www.irs.gov/pub/irs-dft/f1040s--dft.pdf

1 posted on 08/05/2019 12:14:56 PM PDT by Raycpa
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To: Raycpa

Ping for later. Very interesting, have to give this on a look. Thanks for posting!


2 posted on 08/05/2019 12:17:38 PM PDT by Billthedrill
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To: Raycpa

I will just wait for TurboTax to roll it out. Sheesh. You have have to be a tax accountant or tax attorney to understand this stuff now.


3 posted on 08/05/2019 12:18:23 PM PDT by rstrahan
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To: Raycpa

.


4 posted on 08/05/2019 12:18:26 PM PDT by BunnySlippers (I Love Bull Markets!)
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To: Raycpa

A box to check if you are blind?

Government thinking just never changes.


5 posted on 08/05/2019 12:18:30 PM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: Raycpa

What’s the age for seniors to use this form??


6 posted on 08/05/2019 12:18:56 PM PDT by CJ Wolf (Friedcake and enjoy the show.)
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To: Raycpa
Line 1: How much is 50% of what you have in retirement savings?

Line 2: Send it in!

7 posted on 08/05/2019 12:19:04 PM PDT by grobdriver (BUILD KATE'S WALL!)
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To: Raycpa

Can someone who actually reads the articles tell me what the big difference is here. I glanced at it..couldn’t even see how old you have to be to fill it out


8 posted on 08/05/2019 12:22:15 PM PDT by RummyChick ("Pills, money .. this city is wicked. Your best friend will kill you here." Smoove about Baltimore)
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To: Buckeye McFrog
The blind box has been around for as long as I can remember.

In general, it appears that seniors are getting a larger standard deduction in return for giving up some of the things like saver's credit and student loan interest deductions.

Everybody's individual situation varies, but it looks like a nice option for retired folks to maybe keep a little more of their money and/or spend less time sorting deductions.

9 posted on 08/05/2019 12:27:37 PM PDT by Vigilanteman (The politicized state destroys aspects of civil society, human kindness and private charity.)
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To: CJ Wolf

65


10 posted on 08/05/2019 12:27:47 PM PDT by Rusty0604 (2020 four more years!)
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To: CJ Wolf

Age 65 and older.

A simplified 1040 EZ with fewer restrictions. Leaves out all that Alt Min Tax stuff from what I can see.

Standard deduction is straight up simple. Does allow reporting of business profit or loss. At first glance I like.


11 posted on 08/05/2019 12:27:51 PM PDT by StAntKnee
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To: Buckeye McFrog

There’s always been a box to check if you’re blind.


12 posted on 08/05/2019 12:29:44 PM PDT by Rusty0604 (2020 four more years!)
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To: CJ Wolf

Per the Draft Form.

You were born before Jan 2, 1955


13 posted on 08/05/2019 12:30:12 PM PDT by TADSLOS (You know why you can enjoy a day at the Zoo? Because walls work.)
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To: Vigilanteman

That larger standard deduction has been in play for years.


14 posted on 08/05/2019 12:32:27 PM PDT by Sacajaweau
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To: Raycpa

more info:
https://www.kiplinger.com/article/retirement/T056-C000-S001-irs-releases-draft-of-1040-tailored-for-seniors.html

The new form was created by the 2018 Bipartisan Budget Act, which among its provisions called for the development of a tax return that would be easy for seniors to use and highlighted retirement income streams and other tax benefits for seniors. Those age 65 and older will be able to use this form to file their 2019 tax returns, and the IRS presented an overview of the new form at the IRS Nationwide Tax Forum in National Harbor, Md., earlier this week.

Using the new form isn’t mandatory, but seniors can choose to use it if they want to. The form is based off the regular 1040, and the IRS says it uses all the same schedules, instructions and attachments. Older taxpayers who use tax software to file are unlikely to even notice.

But for taxpayers who still file by paper, the new form will be modified for aging eyes. The font is bigger to make the text easier to read. The shading in boxes on the regular 1040 has been removed to improve the contrast and increase legibility.

A highlighted feature of the new form is the addition of a standard deduction chart, said Darren Hamilton, an official in the agency’s forms and publications division who presented information about the new form. The form lists the standard deduction amounts, including the extra standard deduction amount that taxpayers age 65 and older qualify for “so seniors don’t have to hunt for it,” said Hamilton at the Maryland tax forum. The chart makes it simpler for seniors to take advantage of the full standard deduction for which they are eligible, particularly for those who may not even be aware of the extra amount for which they qualify.

The form has lines for specific retirement income streams, such as Social Security benefits, IRA distributions, and pensions and annuities. “AARP supported the development of the simpler 1040 SR tax form since most seniors could not use the 1040 EZ due to their different sources of income,” says David Certner, AARP legislative counsel.

But the IRS says you don’t have to be retired to use the form. The agency says the form is appropriate for older workers to use, too.


15 posted on 08/05/2019 12:34:32 PM PDT by Raycpa
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To: TADSLOS

What about joint returns where one of us is over 65 and the other is not?


16 posted on 08/05/2019 12:35:12 PM PDT by reg45 (Barack 0bama: Gone but not forgiven.)
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To: Rusty0604
There’s always been a box to check if you’re blind.

Does anyone ever check it?


17 posted on 08/05/2019 12:39:03 PM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: Sacajaweau

See the Kiplinger article in post #15. Maybe I just didn’t know about the larger standard deduction because age 65 was a ways off. Not anymore.


18 posted on 08/05/2019 12:44:14 PM PDT by Vigilanteman (The politicized state destroys aspects of civil society, human kindness and private charity.)
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To: Buckeye McFrog

Make the comment to put it in braille. They’re taking comments now.


19 posted on 08/05/2019 12:47:28 PM PDT by rktman ( #My2ndAmend! ----- Enlisted in the Navy in '67 to protect folks rights to strip my rights. WTH?)
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To: CJ Wolf

Looks like those born prior to 1955 for this year.


20 posted on 08/05/2019 12:48:44 PM PDT by rktman ( #My2ndAmend! ----- Enlisted in the Navy in '67 to protect folks rights to strip my rights. WTH?)
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