To simplify taxes for those ages 65 and older, the Internal Revenue Service (IRS) offers Form 1040-SR, an optimized version of the standard 澳洲幸运5官方开奖结果体彩网:Form 1040 featuring larger print and tax benefits for older adults.

Here’s a quick guide to understa🌃nding this fo🌳rm, who is eligible to use it, and when it makes sense.

What Is Form 1040-SR?

Tax forms often use small, hard–to-read font and complex terminology, which can be challenging for older adults who complete their tax returns manually. The IRS introduced Form 1040-SR to improve the process as part of the Bipartisan Budget Act of 2018. This new for🌊m re🅷placed Form 1040EZ and Form 1040A.

Form 1040-SR is identical to 澳洲幸运5官方开奖结果体彩网:Form 1040 but has a layout designed for older adults. It also specifically highlights benefits for older adults, like a higher 澳洲幸运5官方开奖结果体彩网:standard deduction for taxpayers 65 or older who do not itemize their deductions.

"The 1040-SR is actually the exact same as the standard 1040 in terms of substance—it just has bigger print, so it's easier to read,” says Kari Brummond, an accountant with TaxCure.com. “It's really up to seniors which form they want to use. If they pay a tax preparer, they can request their return in either format."

There are no income limits using Form 1040-SR. Taxpayers may report a variety of i🔜n🔴come sources, regardless of income level, including:

• Wages
• Salaries
• Tips
• Taxable scholarship or fellowship grants
• Unemployment compensation
• 澳洲幸运5官方开奖结果体彩网:Alaska Permanent Fund dividends
• 澳洲幸运5官方开奖结果体彩网:Social Security benefits
• Distributions from 澳洲幸运5官方开奖结果体彩网:qualified retirement plans
• Annuities or similar deferred-payment arrangements
• Interest and dividends
• 澳洲幸运5官方开奖结果体彩网:Capital gains and losses

Form 1040-SR is available .

Tips for Filing Form 1040-SR

𝄹 If you’re considering using Form 1040-SR, follow these tips for a smooth filing process.

Make Sure You’re Eligible

If you want to use Form 1040-SR for a specific tax year, you must be 65 by the end of that year, plus a day. That is, the IRS considers those turning 65 on Jan. 1 of the following year to be eligible (e.g., you can file Form 1040-SR for tax year 2025 if you will be 65 on or before Jan. 1, 2026).

Know Which Schedule(s) You Need to File

You may need to include supplementary schedule(s) based on your additional income, deductions, and payments, regardless of whether you use Form 1040 or 1040-SR.

澳洲幸运5官方开奖结果体彩网: Here’s a quick breakdown:

• Schedule 1. Include this schedule if you have additional income, including unemployment compensation or prize money, or claimable deductions such as self-employment tax or student loan interest.
• Schedule 2. File this schedule if you owe additional taxes, like self-employment tax. 
• Schedule 3. This schedule is required if you claim credits not listed on the form, including education or foreign tax credits, or excess Social Security tax withholdings.

Brummond notes that some deductions available to older adults may also appear on these schedules.

“If you have small business income on a Schedule C, you can actually claim your Medicare premiums as self-employed health insurance,” Brummond says. “That gives you a top-line deduction that reduces your taxable income but doesn't reduce your self-employment tax.”

Decide Whether You 𒅌Should DIY or Hire a Tax Professional

While you may feel confident in filing your tax returns, getting professional assistance can reduce the risk of errors, according to Brummond. This is especially true for🉐 those with complex tax situations, like freelancers and sma𓆉ll business owners. 

“If you have a more complicated tax𓆉 situation... a tax professional can help you ensure you get all your business deductions and that you coordinate your business ꦬincome with your retirement income in the most advantageous way possible for your tax situation,” Brummond says.

For seniors concerned about the cost ꦗof tax assistance, there are plenty of affo🎃rdable options, including tax preparation software and local support services.

“Check your local library—they often offer tax prep help for people under a certain income,” Brummond says. “The IRS, along with the AARP, also hosts Tax Counseling for the Elderly (TCE) clinics to help seniors with tax prep.”

The Bottom Line

Those age 65 and older can simplify tax 🔯filing with Form 1040-SR. This option is only available to those who meet the age requirement—those under age 65 must use Form 1040. While using Form 1040-SR isn’t required, taxpayers who do may benefit from a filing process designed to be easier for older adults.