Form 1040-SR

Form 1040-SR for 2020

1040-SR Form for 2020: U.S. Tax Return for Seniors

The Form 1040-SR: U.S. Tax Return for Seniors is a simplified tax form for seniors with uncomplicated finances. The form is designed for taxpayers who are 65 or older on or before the end of the tax year for which they are filing. Generally IRS Form 1040-SR is similar in nature to Form 1040-EZ, which was eliminated for tax year 2018. However, Form SR extension to original 1040 allows for the reporting of income from wages, salaries, and tips as well as Social Security benefits and distributions from qualified retirement plans, annuities, or similar deferred-payment arrangements. The new form also does not have an income test and features expanded income categories. If you are looking for printable tax form 1040SR you should use our editor.
What is Form 1040-SR Purpose?
IRS Form 1040-SR is a new tax form for senior citizens that was created as part of the Bipartisan Budget Act of 2018, which was signed into law on Feb. 9, 2018. The new tax form is an updated version of the now-defunct Form 1040-EZ. In general, the new tax form 1040-SR is designed to be a more simplified tax form for senior citizens 65 and older with uncomplicated finances and standard tax situations. The new tax form is a shorter and easier to use version of the traditional Form 1040, which is used by most taxpayers. When you use the 1040-SR Form for 2020, you will be able to report income from wages, salaries, tips, and taxable scholarship or fellowship grants. You can also report income from Social Security, pensions, annuities, and similar deferred-payment arrangements (such as IRA or Keogh plan distributions).
How to fill 1040-SR form. Step-by-step guide.
Here is a simple guide how to fill a new U.S. Tax Return for Seniors form. Follow our instructions and complete it in few minutes. You can use our simple editor to fill 1040-SR form online. Our tool has lots of tips and instructions to help you in any situation.
Differences between 1040-SR and 1040-EZ
Form 1040-SR, tax form for seniors, is a tax form that simplifies the filing process for seniors, who are 65 or older by the end of the tax year, with uncomplicated finances. Form 1040-SR is a one-page form, compared to the 1040-EZ, which is a two-page form. The 1040-EZ was replaced with the 1040-SR for 2020 tax returns. There are additional differences between Forms 1040-EZ and 1040-SR form for 2020, which are described below, including age requirements and total income allowed.

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