Older adults age 65 and older may be able to use a new - easier form to file their taxes. It is called a Form 1040 SR. Section 41106 of the new Bipartisan Budget Act of 2018 (BBA) calls for the Internal Revenue Service to make the 1040SR available for taxable years beginning after the date of the enactment of the BBA.
This new form that will be available to people who turn 65 or older as of the close of 2018 and it is supposed to resemble the Form 1040EZ, a simple tax form aimed at individuals with straightforward finances.
The form will allow taxpayers who are 65 years or older the opportunity to report Social Security Benefits, distributions from retirement plans and annuities, interest or dividend payments , and/or capital gains and losses. Basically any item of taxable income or the total amount of taxable income for the taxable year.
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Many families discover that extended care planning raises important financial considerations they have never been asked to think about before.
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