Welcome to LIFE IN THE TAX LANE!!!
Today I will tell you how happy the IRS has made our Seniors! All across this beautiful, happy nation, our Seniors are CELEBRATING!
SENIORS LIVING LIFE IN THE TAX LANE!!!
HURRAY FOR NEW FORM 1040-SR!!!
I believe you are correct. The SR in Form 1040-SR likely stands for "Senior".
And now you ask, "Just what the heck is Form 1040-SR? Holy Cow! Is that a NEW TAX??! The answer is no, it is NOT a new tax. It is a new Form. We have Form 1040. Form 1040-A. (Your guess is as good as mine as to what the A stood for.....). Form 1040-EZ. (The IRS was so clever in naming this form. Unfortunately, it wasn't as EASY as you might think.) And now <drum roll here> the new FORM 1040-SR!!
It is a special new form just for Seniors. It's goal is to make filing your tax return easier because the form is easier to use and easier to read. Wow! Tax simplification just took a new turn! So what is different? Only TWO THINGS! Hold on. This is deep stuff. One, the print is larger. And two, it has a very nifty Standard Deduction Chart just in case your computer can't figure it out and you have to look it up. That is all.
Who can use it? Anyone over the age of 65. That truly is the only requirement. Who says the IRS and politicians don't care about the Seniors in an election year? But wait, there's MORE! If you are married, you can use the cool new Form 1040-SR even if your spouse is not yet 65! Nifty! And thinking about that, chain restaurants could take a lesson from the IRS on this one. Imagine if a bloke that is about 70 brings his new bride, age 30, to a restaurant for some pancakes and just because she is married to him, a Senior, she gets the Senior discount too!
Now, this new Form 1040-SR is an "optional alternative". You don't have to use it. By why wouldn't you?
Here at Stewart-Longhurst, any time we are finishing up a tax return for someone that is 65 or older, the program beeps and a popup window appears and says "this return qualifies to use Form 1040-SR, would you like to?" At first the additional popup was annoying. But then I gave it a try and selected "use the Form 1040-SR". And I liked it. Do you know why???
Because I could actually SEE the numbers on the tax return!! I immediately became a HUGE fan of Form 1040-SR! And believe me, like you, I am not a big fan of ANYTHING the IRS does.
But as I approach the age of 65 (and I'm getting closer every day), seeing is becoming more and more important. So yes. HURRAY for Form 1040-SR and it's LARGE PRINT!
And if you come to our firm and you are over age 65 (regardless of the age of your spouse.........that still makes me laugh......) we will always choose "yes" and prepare you your very own cool Form 1040-SR. "See the numbers". That should be our new firm motto.