Here’s what senior citizens should know about the new tax form.
“Lawmakers have been trying for years to cut seniors a bit of a break at tax time, and the Bipartisan Budget Act of 2018 finally took a solid step in that direction by simplifying tax filing for individuals aged 65 and older. They’ll now have their own tax form, the 1040-SR.
It’s said to be similar to the 1040-EZ in several ways and much easier to negotiate than Form 1040. The tax form was first proposed in 2013 as part of the Seniors Tax Reconciliation Act. The AARP, the National Taxpayers Union, and the Association of Mature Americans all supported the bill. Alas, it never won the approval of the Senate.
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