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Tax Planning & Preparation
Simplified filing for older individuals.
By James L. Oslin, Feb. 20th, 2018

Tax filing for 65 and older taxpayers may be easier for tax returns to be filed for 2019 (April 15, 2020 due date).The Bipartisan Budget Act of 2018.the Bipartisan Budget Act of 2018 requires the IRS to publish a simplified income tax return designated as Form 1040SR for use by persons who are age 65 or older by the close of the tax year. The form is to be as similar as possible to the Form 1040EZ, and its use would not be restricted based on the amount of taxable income shown on the return or the fact that the income to be reported for the tax year includes social security benefits, distributions from qualified retirement plans, annuities or other such deferred payment arrangements, interest and dividends, or capital gains and losses taken into account in determining adjusted net capital gain. The form is to be made available for tax years beginning after Feb. 9, 2018.

This form would be usable by qualified taxpayers whose income consist of social security, retirement plan distributions, and unearned income from stocks and bonds. Taxpayers with flow through passive income from K-1s will not qualify.