Time to Prepare for 2019 Taxes

On July 11, 2019 the Internal Revenue Service (IRS) released the first draft of its new, two-page Form 1040-SR, U.S. Tax Return for Seniors.  An optional alternative to the standard Form 1040 for taxpayers 65 years and older, the new form complies with requirements of the Bipartisan Budget Act of 2018.

Do Not File the new form because it will likely change. Individuals may comment during the 30-day public review period that ends August 15. Further, the Office of Management and Budget (OMB) must approve the final version for 2019 tax returns that will be filed in 2020. Review the form at https://www.irs.gov/pub/irs-dft/f1040s–dft.pdf, and submit comments to WI.1040.Comments@IRS.gov, on or before August 15, 2019.

Draft Revised 1040-SR Pg 2

Draft Revised 1040-SR Pg 1

 

 

 

 

 

Designed for easier reading, format of the 1040-SR includes a larger font size and fewer shaded columns. Additionally, to reduce the time to complete the form, Page 1 of the draft 1040-SR includes a Standard Deduction Chart that shows the amounts allowed for Single taxpayers and for Heads of household with between 0 – 2 dependents, and for Married taxpayers filing jointly or Married taxpayers filing separately with between 0 – 4 dependents.

Besides creating or revising forms, IRS established shortcut links to almost all its forms and publications. For example, to access Schedule A to Form 1040, online users can type “IRS.gov/ScheduleA” into the search bar, or for a specific publication, such as Publication 502, type “IRS.gov/Pub502.”

Note the proposed changes to the standard Form 1040 for the 2019 tax year, also available for public comment until August 15, at https://www.irs.gov/pub/irs-dft/f1040–dft.pdf. For a comprehensive list of all forms under revision in 2019, go to https://apps.irs.gov/app/picklist/list/draftTaxForms.html. Find final releases of forms at IRS.gov/LatestForms.