Understanding the Difference Between IRS Form 1040 and 1040-SR

Many Americans are getting ready to submit their taxes as tax season approaches. Choosing the appropriate tax form to utilize is one of the first phases in this procedure. This involves choosing between IRS Forms 1040 and 1040-SR for many people. Despite the fact that both forms are used to file federal income taxes, there are a number of significant distinctions between them.

The most common tax form used by most people to file their federal income tax return is IRS Form 1040. All income, deductions, and credits for the tax year are reported on this form. Taxpayers with a wide range of income levels and tax conditions utilize it since it is the most comprehensive form.

The IRS released a new form in 2019 called the IRS Form 1040-SR. This form is intended exclusively for taxpayers 65 and older. Although the form is comparable to Form 1040, it is easier to understand and has larger letter sizes. It also has a table for figuring out standard deductions and an area for disclosing retirement and Social Security income.

Every year, in December or early January, the IRS issues new tax forms. The updated forms were made available in December 2020 for the 2020 tax year. Form 1040 and Form 1040-SR are included in this.

The 2020 tax forms are, in fact, currently accessible. The forms are available for download and printing on the IRS website, or taxpayers can request a copy by mail by contacting the IRS.

The IRS website offers a copy of the 2021 Form 1040 to taxpayers. The form can be filled out online with tax preparation software or downloaded and printed.

Yes, taxpayers can electronically file their state income tax returns in Maine. The Maine Revenue Services website has access to the form. Taxpayers can also e-file their Maine state tax return using professional tax preparation software.