RetireCoast.Com is pleased to present the 2023 version of Seniors Income Tax 2023: How to Complete Form 1040-SR. We introduced this form in our video last year to help with the 2022 tax year. This video goes through form 1040-SR and some other common forms in detail, line by line. Use this video along with links and products provided at RetireCoast.com website under Seniors Income Tax 2023.
For the year 2023 tax return, we have created a spreadsheet to help calculate the Social Security tax, shortening the preparation process.
Our spreadsheet is available at RetireCoast.com in the article Seniors Income Tax 2023. Please download this sheet and use it rather than a calculator and hand-filled form.
The IRS has made a few changes to the 1040-SR form for 2023 along with changes to the standard deduction amount. Watch this video to understand how to simplify an otherwise complicated or at the least tedious process that everyone with income is required to complete.
The introduction of 1040-SR was a simplification of the process without doubt and it’s great that our elected officials decided to make these important changes in the 2017 legislation.
Of course, just when you thought it was safe to complete this simple form, you found yourself faced with other forms that must be completed with the data transferred to the 1040-SR. Do not be alarmed, we go through those forms here as well.
The majority of Americans 65 and over will find that using the 1040-SR form will make life simple and watching our video will assist with that process. Watching our video will help you understand what data is necessary. You can make notes and then gather your 1099’s then come back and watch it again as you complete the form. You can open the form directly from the IRS website using the link provided at the RetireCoast.Com website.
Fill in the information online then save the form as a fillable PDF on your own computer. When it’s ready, send it to the IRS either by mail or electronically. The E-file process is simple and again another link on the RetireCoast.com website will help you there.
Check out our article on this topic with links and tools: RetireCoast.com Seniors Income Tax 2023:How to Complete Form 1040-SR
Remember, your tax return is due to the IRS by April 15 of each year unless there is a change as there was with COVID. If you owe nothing, even late filing will not incur any penalties.
If you owe the IRS, at least file your return and pay what you can. You can work out a payment schedule with them. Avoid the penalty for not filing on time at the least.
The IRS provides some good information on its website. If you believe your return is more complicated such as many items on Schedule 1 or you have a small business and need to complete more forms, you may want to consider working with a tax professional.
Watch our Tax Strategies video to help plan for 2024 taxes. Check out our blog on this topic at RetireCoast.com
