The IRS drafts new Form 1040-SR tax return for seniors & 1040 updates for 2019

On July 2019, The Internal Revenue Service (IRS) has posted a draft version of 1040 tax return for senior citizens, calling this new form 1040-SR U.S. Tax Return for seniors. The draft for the new Form 1040-SR has improved its font sizes and removed the shading around some of the boxes to improve contrast for taxpayers with declining vision. The draft also includes a “Standard Deduction chart” so that taxpayers can “add the number of boxes checked in the ‘Age/Blindness’ section of the Standard Deduction area.” Along with this new Form 1040-SR U.S. Tax Return for senior citizens, the IRS also has a new draft of Schedule R, which will be “the credit for the elderly or disabled.”
For the next filing tax season taxpayers are expected to be presented with a more updated Form 1040 Tax Return that will come with a few drastic changes but not really. Since last filing season Form 1040 had to be shortened due to the 2017 mandatory tax law. For example, it is said that the signature box will be moved to page 2, in order to make more space for entering names of a spouse and children. Also, the Health care coverage checkbox will be removed since it’s no longer mandatory to have health insurance. The Earned Income credit, additional child tax credit, American opportunity credit, and some other line related subjects are to change position.

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