IRS Form 1040 SR: Tips for Tax Return for Seniors
Nothing is complicated in the form 1040 SR, specifically made for the elderly who require bigger fonts and boxes to file taxes. If you have filed 1040 tax reports all your life, you will quickly catch up with the new edition. The truth is IRS form 1040 SR is just another name for 1040, but with bigger letters.
What Is Form 1040-SR, and How Does It Compare With the Regular 1040 Form?
Many taxpayers ask what is form 1040 SR. The main problem is that not all senior citizens know they don’t have to use the standard 1040 form. For years officials were demanding to ease the life of the elderly and provide a form that would be easy to read and fill. Only in 2018, this form appeared, and it can be used by everyone who is 65 years old and over.
The first time it was proposed was in 2013. It took 5 years for the government to design and approve it. The IRS tax form 1040 SR quickly received the name tax return for seniors. It does not differ from 1040, apart from bigger letters and less shading. Moreover, a page in the form contains the standard made for seniors deduction chart. It has all the standard deductions for people 65 years and older.
Who Can Use Form 1040-SR?
You can’t use form 1040-SR instead of standard 1040 just because you like it more. The form was made for seniors and people with poor vision. You can use this form without waiting for retirement if you are 65. If you retire earlier, you still have to use the 1040 form. You can go with the standard version if you are 65 years old but don’t want to use this form. You may not need it if you don’t have problems with your vision. If you need the form without reaching the age, you have to prove that legally.
How to Fill Out Form 1040-SR?
The form is only 3 pages long, similar to 1040. It is made in bigger letters, so don’t get confused by it. Now you probably want to know how to fill out 1040 SR form. It is easier than you think. However, to do this, you need to follow these simple steps:
- Start with your filing status and put the tick in the appropriate box;
- Indicate your name and last name, spouse’s name, and last name if you fill it together;
- Include your home address, state, and ZIP code. If you need, there is a special line for foreign country dwellers who work and pay taxes in the US;
- Include your SSN of yours and your spouse. Put a tick in the box about the presidential election campaign;
- Answer whether you receive or sell any financial interest in the box below;
- Pick the box for the Standard Deduction information and whether you or your spouse is blind;
- Write down information about dependents, if any. You need to provide their names, SSN, and relationship status;
- In the lines from 1 to 33, fill out the information about wages, salaries, pensions, dividends, social security benefits, income, capital gain, IRA distributions, total income, nonrefundable child tax credit, Federal income tax withheld, nontaxable combat pay election;
- Lines 34 – 36 indicate the refund amount;
- In lines 37-38, include the amount you owe;
- You have to include the third-party designee information if you need a representative between you and IRS;
- Put the date, occupation, and electronic signature of you and your spouse.
Where to Send 1040 SR Form?
When completing the document, you want to find out where to send 1040 SR form. The answer is simple – the IRS. You can send a printable 1040-SR form to the local office that receives such forms from taxpayers. In this case, you will find the nearby office’s physical address on the IRS website, and you can send a mail. If you don’t want to wait for several days, go to the post office, or worry about whether the IRS received it or not, you can file it online. You may do it via the IRS website or the app you need to install on the phone. You have to do it by April 15.
Final Words
This form is for senior taxpayers who have problems filling out forms with small letters. Use the 1040-SR document once you need to file your taxes to the IRS, and you don’t want to use a magnifying glass. To do this, you have to be 65 years old at least.
Based on article by pdfliner.com
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