By statute, the law is to be “as similar as practicable to Form 1040EZ” with a few exceptions, notably “only for individuals who have attained age 65 as of the close of the taxable year.”
Instead, it was pushed through as part of the Bipartisan Budget Act of 2018, signed the following year (downloads as a PDF). But there’s no need to keep things simple when you can complicate things further, so a similar form has been resurrected as a new form 1040-SR.įorm 1040-SR didn’t become part of the TCJA.
So, for the 2019 tax year, there’s no more form 1040EZ. (You can learn more about the 1040EZ here.) The newly redesigned form 1040 was intended to replace not only the old form 1040 but also forms 1040A and 1040EZ. At the time, the form was described “as similar as possible to the Form 1040EZ.” The difference was supposed to be that the use of form 1040-SR would not be limited by taxable income or by certain income types.Īnd then a funny thing happened: the Internal Revenue Service (IRS) pulled the plug on the familiar form 1040EZ for the 2018 tax year. The Chairman’s Mark of what we now know as the Tax Cuts and Jobs Act (TCJA) touted a new federal form 1040-SR for use by persons who are age 65 or older. You may recall rumblings about the form 1040-SR back in December of 2017.
What’s the old saying? If you love something, throw it away and then reintroduce it in another tax year? Or something like that? Just as the form 1040 appears to be making a return to a more pre-TCJA-like format, we have another repackaged (sort of) tax form: form 1040-SR, U.S.
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