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2020 tax tables for seniors12/14/2023 ![]() ![]() Taxpayers who are at least 65 by the final day of the year for which they’re filing taxes are the only people who are eligible to use Form 1040-SR. Tax Return for Seniors, is an adapted version of Form 1040 - which most Americans use to file their taxes each year - that’s built to better suit the needs of senior citizens. What Is Form 1040-SR? Photo Courtesy: įorm 1040-SR, officially titled U.S. To help you with this decision, we’re discussing the basics you need to know to understand how to read and fill out Form 1040-SR next time you’re completing your taxes (or helping a senior loved one do so). ![]() If you meet the age requirement, it’s important to know how utilizing Form 1040-SR can benefit you - and whether you might want to choose the typical 1040 instead. It’s configured specifically to capture the unique forms of income and expenses that are common for people age 65 and over, and it’s also designed to be easier to read and understand. One of these is Form 1040-SR, which is relatively new, having been introduced in 2018.įorm 1040-SR is one of the results of efforts to simplify the process of filing taxes. There are hundreds of different tax forms available from the IRS, and while you may not need to use many of them during your lifetime, understanding some of the most common - along with how they can assist you - is an effective way to ensure they serve their most important purpose: helping you file your taxes properly. ![]()
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