📝Form 1040 SR is a new tax form for seniors that started in 2019.
👴To be eligible to use Form 1040 SR, seniors must be 65 or older by the end of the tax filing year.
📄Form 1040 SR is similar to Form 1040EZ, but with expanded income categories and no income test.
💼Seniors can still use Form 1040 SR even if they are still working.
💲Form 1040 SR allows seniors to use either standard or itemized deductions.
Who is eligible to use Form 1040 SR?
—Seniors who are 65 or older by the end of the tax filing year can use Form 1040 SR.
Is Form 1040 SR only for retired seniors?
—No, seniors who are still working can also use Form 1040 SR.
What are the key differences between Form 1040 SR and Form 1040?
—Form 1040 SR is a simplified version of Form 1040 designed specifically for seniors, with larger font and spaces, expanded income categories, and the option to use either standard or itemized deductions.
Does Form 1040 SR have an income test?
—No, Form 1040 SR does not have an income test like Form 1040EZ.
What deductions can be claimed on Form 1040 SR?
—Seniors can claim either standard or itemized deductions on Form 1040 SR.
00:00In this video, Katie Sonorous introduces IRS Form 1040 SR and provides an overview of its features.
00:24Form 1040 SR is a simplified tax form for seniors with uncomplicated finances.
01:13To be eligible to use Form 1040 SR, seniors must be 65 or older by the end of the tax filing year.
01:59Form 1040 SR is similar to Form 1040EZ, but with expanded income categories and no income test.
03:25Seniors can still use Form 1040 SR even if they are still working.
03:51Form 1040 SR allows seniors to use either standard or itemized deductions.
