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Form 1040-SR: Should You Use It for Your 2019 Tax Return?

Source: fool.com - Jan 7, 2020

One of the biggest changes that taxpayers faced last year as a result of tax reform was a new 1040 tax form. The IRS eliminated the popular 1040-EZ and 1040A short forms, requiring everyone to use the full revised Form 1040. Last year's 1040s offered a primary return page that was short and chock-full of information, but many found the numerous schedules and attachments difficult to follow.

Now, the IRS is bringing a new option to a key group of taxpayers. Seniors 65 or older will have the opportunity to file on a brand new tax form, Form 1040-SR, which more closely resembles the old short-form returns from before new tax laws took effect. Below, we'll look at the form and the requirements for using it.

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Category: General Business