Form 1040 SR is the form used by the IRS for seniors to file their taxes. The form is similar to the regular Form 1040 but includes additional instructions and lines specifically for seniors.
Before you begin, you will need the following information:
- Your social security number
- Your spouse’s social security number (if filing a joint return)
- Your dependents’ social security numbers (if any)
- Your income information, including W-2 forms and other income statements
- Your deductions and credits information
- Your bank account and routing number (for direct deposit of your refund, if applicable)
You can fill out the form for free online using the PDFliner service. Here are the steps you need to follow to fill out Form 1040 SR:
1. Enter your personal information at the top of the form. This includes your name, address, and Social Security number.
2. Check the appropriate filing status box. Your options are single, married filing jointly, head of household, or married filing separately.
3. If you are married and filing a joint return, enter your spouse’s information in the space provided.
4. Enter your dependents’ information in the spaces provided. You can claim up to four dependents on your tax return. A dependent is someone who you can claim as an exemption on your taxes, such as a child or a relative who is financially dependent on you.
5. Figure out your total income for the year. This includes wages, salaries, tips, interest, dividends, and other types of income.
6. Subtract any adjustments to income from your total income. Adjustments to income can include things like alimony payments, moving expenses, and IRA contributions.
7. Figure out your taxable income by subtracting any deductions and exemptions from your total income.
8. Find the tax rate schedule in the instructions for Form 1040 SR and apply the appropriate tax rate to your taxable income.
9. Subtract any tax credits from the amount of tax you owe. Tax credits can include things like the child tax credit, the earned income credit, and the senior citizen credit.
10. Enter the amount of tax you owe or the amount of refund you are due in the space provided.
11. If you owe tax, figure out the amount of any estimated tax payments you have made during the year. Subtract this amount from the amount of tax you owe.
12.
Sign and date the form. If you are filing a joint return, both you and your spouse must sign and date the form.
The final step is to mail Form 1040 SR to the IRS. The address to use is listed on the form. If you are owed a refund, the IRS will send you a check or direct deposit the money into your bank account. If you owe taxes, you will need to send a check or money order to the IRS.