Older Adults Have a New 1040 SR!
Older adults age 65 and older may be able to use a new - easier form to file their taxes. It is called a Form 1040 SR. Section 41106 of the new Bipartisan Budget Act of 2018 (BBA) calls for the Internal Revenue Service to make the 1040SR available for taxable years beginning after the date of the enactment of the BBA.
This new form that will be available to people who turn 65 or older as of the close of 2018 and it is supposed to resemble the Form 1040EZ, a simple tax form aimed at individuals with straightforward finances.
The form will allow taxpayers who are 65 years or older the opportunity to report Social Security Benefits, distributions from retirement plans and annuities, interest or dividend payments , and/or capital gains and losses. Basically any item of taxable income or the total amount of taxable income for the taxable year.
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Summer Jackson, the author of this Age-Friendly Blog is an advocate for aging, and she insists that we all can live an unprecedented quality of life as we age. She believes that accomplishing this requires educating people of all ages, and involving people, organizations, and community leaders in a shared process. Read on. You will find her posts to be insightful, fun, and inspiring for people of all ages...
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