On February 9, 2018, the Bipartisan Budget Act was signed into law by President Donald Trump. Many older Americans were previously forced to file the longer, more complicated Form 1040, which takes about twice as long to complete, because they couldn’t meet the requirements for filing Form 1040-EZ. If you are 65 or older (or turn 65 any time in 2019), you will have the option to use a new simple tax form for seniors, known as the 1040SR, when you file your 2019 taxes in April 2020.
The 1040-EZ is limited to those with income deriving from wages, salaries, tips, unemployment compensation, taxable scholarships, and fellowship grants. Form 1040SR allows an individual to report income from other sources as well.
According to IRS spokesperson Eric L. Smith, the new form uses a bigger font than the standard Form 1040 and includes a prominently displayed chart for calculating taxpayers’ standard deduction. Final versions of these and other forms will be released later in the year. Taxpayers are reminded not to use forms marked as draft when completing their tax returns.
For more than 30 years, Attorney Lee A. Drizin has practiced in the areas of estate planning, probate, trusts, guardianship and real estate matters representing clients throughout the state of Nevada.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.