Federal Form 1040SR for Seniors’ Tax Simplification (Half ...
Federal Form 1040SR for Seniors' Tax Simplification (Half-page Table)
Most seniors have simple tax situations. Only some seniors have complex tax situations with such as following C4, Itemized deduction (E4), A9, C9, D9, and F9. For Taxable income (TI) not over $100,000, both Tax Table and its simple formula with its rate check (Tool) are provided for people to have one option.
Form 1040SR Instruction: 1. Fill in basic information including name, social security #, tax status (1, 2 or 1.5), year, and address; 2. Fill in different incomes and add them (A4*, B4, C4*, and D4) together into total (taxable*) income. AGI and Taxable income (TI) are calculated by (1) or (2). Only some seniors have Adjustments (Schedule 1); 3. Dividing taxable income (TI) by tax status (1, 2 or 1.5) into TI ? S (A6, 7 or 8); 4. Using one related tax rate formula to calculate tax rate, which must be in its rate check range (tool). If tax rate
is out of its check range, calculation is wrong. Please do again. Tax (G6, 7 or 8) is to multiply tax rate and taxable income (TI). Another option is to use existing Tax Table (12 pages) for Tax; 5. Tax balance (B10) is to deduct Non-refundable tax credits from Tax. If it is negative, enter 0; 6. When tax refund (G10) is not over $200, delay it to next year (E10) and send tax return to IRS; and 7. Attach related forms and documents for incomes, Itemized deduction and tax credits.
Form 1040SR Income Tax Return For Seniors
Check one: O Married filing separately/Single O Married filing jointly/QW O Head of household
Tax Status (S)
O 1
O 2
O 1.5
Standard deduction ($)
12,200?1
12,200?2
12,200?1.5
Exemption ($): Blind: _____; Senior (65 or older): _____ Tax credit:
Form Barcode
Address:
A
B
C
D
E
F
G
Year
Your Name
Your SS#
Spouse Name
Spouse SS# Exemptions Adjustments 1
2019
2
Social Retirement distributions, Capital gains* Wages, Tips, Salaries Standard/Itemized Federal Taxable 3
security* Dividends and Interests
and Other incomes
deduction
AGI income (TI)
4
TI ? S
Yearly TI ? S
TI (F4)
Tax rate formula Rate check (Tool) Tax rate Tax / Table 5
0 - 100,000
TI?1,223,990?S + 0.1 0.1-0.1817
6
100,000-300,000
TI?2,336,449?S+0.1389 0.1817-0.2673
7
Over 300,000
0.37 - 30,810?S?TI 0.2673-0.37
8
Non-refund
Tax balance
Other
Federal tax withheld Tax refund Refundable Tax (Owe+/ 9
tax credits
If ................
................
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