The 1040-SR form is a result of the Bipartisan Budget Act that was signed into law on February 9, 2018. It was designed to provide seniors a simpler tax return than the 1040 yet include Social Security and Pension/Annuity Income on the return (unlike the former 1040EZ form).
The form generally mirrors Form 1040. This two-page Form 1040-SR uses a bigger font than the standard Form 1040 to be easier for aging eyes to read and includes a prominently displayed chart for calculating taxpayers’ standard deduction. The 1040-SR still allows taxpayers to claim Earned Income Credit, Child Tax Credit, and Qualified Business Income Deductions.
To use the 1040-SR:
- At least one taxpayer needs to be 65.
- Neither taxpayer has to be retired.
- Either standard or itemized deductions can be used.
The program will automatically create the 1040-SR if available to the individual or couple.
To view the 1040-SR, please click here.