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 ¡Â 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)

O1

O2

O 1.5

Standard deduction ($)

12,200¡Á1

12,200¡Á2

12,200¡Á1.5

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 ¡Â S

Yearly TI ¡Â S

TI (F4)

Tax rate formula

Rate check (Tool) Tax rate Tax / Table 5

0 - 100,000

TI¡Â1,223,990¡ÂS + 0.1

0.1-0.1817

6

TI¡Â2,336,449¡ÂS+0.1389 0.1817-0.2673

100,000-300,000

7

Over 300,000

0.37 - 30,810¡ÁS¡ÂTI

0.2673-0.37

8

Non-refund

Tax balance

Other

Federal tax withheld

Tax refund

Refundable Tax (Owe+/ 9

tax credits

If ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download