Seniors Should Ask For This Tax Form To Make Filing Taxes Way Easier

Filing your taxes is a task that takes place on an annual basis. Whether you're just in the door at your new job or a centenarian who has enjoyed retirement for decades, this obligation remains in effect. Some older Americans might want to continue filing their taxes the old fashioned way. While there will be times when filing your taxes by mail (with a paper form) will be your only option — as is the case with married individuals when one spouse doesn't have a Social Security number — other times doing it by hand can simply bring a more enjoyable, tactile experience to the task.

With that said, older Americans that want or need to file on paper should know they have additional resources at their disposal. The standard form is tightly formatted, and the small font can be immensely difficult to navigate for those with diminished eyesight, increasing the chances of potential mistakes. Mistakes that often occur when filing right at the deadline can similarly happen as a result of hard-to-read tax forms — leading to a potential audit. In an exclusive conversation with Barbara Schreihans, founder of Your Tax Coach, we uncovered an under-the-radar resource that can significantly improve a senior's ability to correctly file their taxes: The 1040-SR.

Right off the bat, the primary difference between the standard tax return form and the 1040-SR is clear. Barbara Schreihans tells us that it features "a larger print so that the elderly or those with vision challenges don't have to use a magnifying glass." She also added that, "there are no limitations on this form, it is simply just a bigger font form with more spaced out layout so that it is easier to read for the elderly." 

For those who want to continue filling their tax forms by hand, a shift to this larger format can be a real game changer. The added open space between printed information can make the entire task feel less stressful. Add in the ability to read the instructions with greater clarity and this form can be a solid asset working directly to help older Americans compile their tax documents and submit their annual accounting with greater confidence and accuracy.

In addition to its physical format, Barbara Schreihans adds that the 1040-SR also includes a number of important instructions and notes that can significantly benefit a senior tax filer's bottom line. Just about every American out there wants to pay less in taxes. While there are plenty of great tax deductions that can boost your refund amount, or whittle away your tax burden, seniors also get a few additional resources. 

Schreihans told us, "Seniors age 65 and older get a higher standard deduction than those of us under 65. Seniors get a $33,200 standard deduction (if married) and a $17,000 standard deduction if single." This provides older Americans with a slight bump over those under this age threshold ($2,000 for single filers, for instance). She also added that, "most tax softwares, if you put in your date of birth should accurately calculate the higher standard deductions." This is important since, "One issue we see with elderly filers is that they paper file their tax returns and don't calculate their deductions accurately." With that said, the 1040-SR form includes explicit language about this deduction. As Schreihans explained, "It's printed right there on the front of the form."

While Barbara Schreihans notes that many older Americans prefer to file their taxes as a hard copy, she advocates for the use of additional resources to ensure a correct accounting of every income source, deduction, and more. Filing online is often your best bet for catching errors in these line item inclusions (although looking for a software other than TurboTax might be worth your while considering its darker sides).

If you are planning to stick with the pen and paper method, Schreihans suggests seeking out free assistance programs. "Use reputable places like Tax Counseling for the Elderly, AARP, and I've personally volunteered at the Volunteer Income Tax Assistance (VITA) locations," she notes. Catching issues with your standard deduction and other elements of your tax filing documentation is much easier with a second set of eyes on the paperwork. 

There are also additional deductions that seniors might not know about. "There are additional deductions for legally blind filers... [and] medical deductions can also be a powerful tool to lower your taxes," she noted. Schreihans also noted that deductible medical expenses could include, "Medicare premiums, nursing homes or assisted living, medical equipment like walkers and hearing aids, and if any home renovations are needed due to a medical condition like ramps or railings." Seeking out support services and programs could help catch these added deductions and ultimately lower your tax burden.