The IRS is introducing a new Form 1040 form designed specifically for seniors age 65 and older. The final version of the new form will be posted on the agency’s website before the end of the year and be available to use for the 2019 tax year.
The Form 1040-SR uses large print and some of the shading around boxes has been removed, making the form brighter and easier to read. In addition, lines for senior-specific sources of income such as Social Security benefits, IRA distributions, pensions and annuities are shown on the first page of the form. The Standard Deduction chart is also included on the form.
One sign of today's economic reality is that seniors will continue to be able to take a child tax credit if they are still taking care of a “dependent child” or grandchild.
The two-page tax form, however, is not available to those who itemize deductions and small business owners and people with investment income will still need to use the standard Form 1040.