Disclaimer: With Medicaid, VA, and insurance regulations frequently changing, past blog posts may not be presently accurate or relevant. Please contact our office for information on current planning strategies, tips, and how-to's.
The IRS has recently unveiled the new 1040 form specifically created for those over 65. Using the new form will not be mandatory for seniors but it will help them report their different forms of income including Social Security, IRA distributions, pensions and annuities. This form will also have a larger print so it will be easier to read for seniors, too.
The difference between the new and old form will be most apparent to those who file taxes via paper rather than using tax software. This form will help them locate certain areas of the form that are relevant to them like the standard deduction chart that shows the extra standard deduction amount for those over 65. And seniors do not need to be retired to use this form.
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