Millions of Americans file their taxes with the IRS each year, and many use Form 1040. But what is Form 1040-SR?
Taxpayers over the age of 65 can use what is called Form 1040-SR.
There are some benefits to opting for this form.
What is Form 1040-SR from the IRS?
The form has larger print and is easier for people to read.
This is the same as Form 1040.
This means the same things can be reported on this form as the other.
What can be reported?
- Tax-exempt interest
- IRS distributions
- Social Security
- Capital gains and losses
- Charitable contributions
- Taxable income
- Child tax credit
- Other tax credits
- Federal income taxes withheld
- Earned income credit
- Recovery rebate credit
- Refund amount
- Taxes owed
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