New Tax Forms For Senior Citizens

New Tax Forms For Senior Citizens

Senior citizens have long been forced to file the “form 1040” and this will be changed to a new “1040-SR”.

Pros: The form 1040 is a long and complex document that the elderly were forced into due to the less complex 1040-EZ form not being available to those who have income from Social security. This form is more user friendly.

Cons: If you retire before 65 you do not qualify to use the 1040-SR form and it still carries some income capping issues that the 1040-EZ has as well. The 1040-SR also does not allow for itimized deduction

If you want to know more, check out this article:

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