1040SR, what's new - Seniors 1040 - Tax Form 1040-SR Explained, 2022 is similar 2021

[@gregohare2406]

This is a great presentation. I did my 1040 sr yesterday and wish I had found it before hand. One suggestion would be to briefly explain each of the IRS schedules noted in the 1040 sr. I spent a lot of time verifying that they didn’t apply to me and could be ignored. Without knowing their purpose, I felt some trepidation to just ignore them. It would also be helpful to explain SSI taxable amount for other tax brackets, such as mine. I apologize for this double post, which I also posted to another of your videos. But I thought it worthwhile for others who may have similar concerns. Thank you again, I am now a subscriber to your channel and look forward to watching all of your video posts.

[@KatieStOresCFPChFCEA]

09:56AM PST] @TaxesbyKatie.com Hello Greg, Thanks for the input. My play is to have a video library of IRS forms and schedules with a few variations within each. However I find preparing taxes much easier then making videos. Thanks again.

[@youngtimer964]

Thank you. I failed to use this form to file in 2020 and now must file amended return to get additional deduction.

[@KatieStOresCFPChFCEA]

[03:03PM PST] @TaxesbyKatie.com Hello Young Timer, I've heard of that happening a few times since the 1040SR form was introduced recently.

[@walterbrown8694]

I'm an 85 year old who has been filing my IRS returns for about 70 years now. The most significant thing about the 1040-SR form is that it is 3 pages instead of the 2 pages for the "Regular" Form 1040. The income , income adjustments, and tax obligation is identical for both forms. The slightly larger print font on the 1040-SR may be an advantage to some of us, but if you fill it out online, the numbers entered on the form are the same font as for the Form 1040. I should apply for a "gummint" job making IRS (or other agency) forms.

[@KatieStOresCFPChFCEA]

Hello Walter, I agree with you. If you could get a job making forms for the IRS less complicated, it would make my job easier.

[@pjmoneybags2780]

@@KatieStOresCFPChFCEA Why in the world are they making it all so complicated? Then they fine you if you make a mistake.☹️

[@debbysettle8229]

Thank you so much! I love the way you teach. Nice, clear and you do not rush. I did subscribe, and look forward to addition lessons.

[@KatieStOresCFPChFCEA]

[3:16 PM PST] @SaintOres.com Thanks Debby, I appreciate the wonderful comment. And welcome aboard.

[@robertrudick2492]

Once again "Thank you for your in depth 📹 videos! Ur the best! Well explained. God bless you 🙏🏻 ❤ Amen

[@KatieStOresCFPChFCEA]

Thanks Robert, So nice of you...

[@Oldgringo47]

Thank you, Ma'am. Appreciate your quick action to restore the sound.

[@KatieStOresCFPChFCEA]

You're very welcome!

[@benitosy7995]

Thank you so much for your immediate response. I appreciate it very much. Can church donations be included. I have Boys Town and Veteran of Foreign Wars.

[@KatieStOresCFPChFCEA]

[2:51 PM PST] @TaxesbyKatie.com Hey Benito, The IRS allows you to deduct the donations you make to churches. If Boys Town and Veteran of Foreign Wars are qualified charitable organizations, you can also deduct these donations. Following tax law changes, cash donations of up to $300 made by December 31, 2020 are now deductible without having to itemize.

[@benitosy7995]

@@KatieStOresCFPChFCEA Thank you! You are great!

[@KatieStOresCFPChFCEA]

@@benitosy7995 Thanks for the kind words Benito.

[@shadowlynxv6082]

It is the rebranded 1040EZ. They never stopped using it, it’s just renamed.

[@benitosy7995]

Thank you so much for a very clear demonstration. I appreciate you very much. After a few yrs. of depending the AARP "s assistance and due to Pandemic , they don't come to our place anymore and I have to do my Income Tax return this year 2021 for 2020.My wife and I are both 76 and above so we will use the 1040SR.I am almost done but I am puzzle at item 10b.It says Charitable contributions if you take the standard deduction. See instructions. If you are already using SD, can you still include Charitable contributions? And I can't locate the instructions. I am puzzle. Please advice. Thank you in advance.

[@KatieStOresCFPChFCEA]

[11:12 AM PST] @TaxesbyKatie.com Hey Benito, 10B is for up to a $300 charitable deduction that comes on top of the standard deduction. If you contributed some items to Goodwill or Salvation Army for example.

[@JetEarlewood]

Much larger fonts. Hahaha. Yeah and I needed that..

[@guidodemaio7632]

Standard deduction for 65 and old is $14,050 for the 2020 tax season, she is a year behind.

[@KatieStOresCFPChFCEA]

[11:02 AM PST] Katie St Ores Hey Guido, The standard deduction is tied to inflation, so the amounts change a bit each year. This video was done a year ago (Feb5 2020), so at the time of the filming, I was not a year behind. The more recent videos reflect the yearly changes. Standard deduction for single filers 65 and older is $14,050 on 2020 tax return, if the person is blind then it is $15,700. One should always refer to page 4 of 1040-SR for the current standard deduction amounts.

[@ritauy5500]

I am over 65, received disability pay, SSS benefits, how do i know if i can claim any of the stimulus? Thanks

[@joaniec4560]

Thanks didn’t know about the additional 1,650

[@KatieStOresCFPChFCEA]

You're welcome Joanie... Every 1,650 helps.

[@wendylouise7780]

Do you have any info.about state tax debt that someone who has soc.sec.income only?is there a way to have it forgiven?

[@skylark304]

précised and clear , thanks

[@KatieStOresCFPChFCEA]

Thanks Skylark, Glad it was helpful!

[@tonimcdaniel9110]

If you file as head 0f household a 67 year old half sister you are taking care of.Can u claim her as a dependent.What other form would I have to submit.Using 1040sr

[@HeavenReservation]

Good presentation, I'll check out your other videos

[@KatieStOresCFPChFCEA]

Thanks Heaven, I'm glad you liked it.

[@adelinebetancourt7014]

are the stimulus checks considered taxable income?

[@KatieStOresCFPChFCEA]

[12:21PM PST] TaxesbyKatie.com Hello Adeline, Neither of the two stimulus checks are considered taxable income. The Payment is not includible in your gross income. Therefore, you will not include the payment in your taxable income on your Federal income tax return or pay income tax on your Payment. It will not reduce your refund or increase the amount you owe when you file your 2020 Federal income tax return.

[@momouploader]

thanks for clear explanations. this form is only good for uncomplicated filing. but how about the seniors who have invested part of their income to foreign country for retirement. if we own assets in other country, we need to file the form 8938 which is not found in the form 1040 SR. can we use this form 1040 Sr?

[@KatieStOresCFPChFCEA]

Hey Willand, The general answer is yes, you can use 1040-SR with foreign income. However, U.S. citizens that either have an interest in foreign financial accounts or an interest in specified foreign financial assets are required to report their foreign accounts or assets to the U.S. government on Form 8938 or FinCEN Form 114. I strongly recommend using a tax accountant for the preparation of a complex return such as yours. Good luck

[@zoemurcia2028]

Thank you so much..

[@KatieStOresCFPChFCEA]

Hey Zoe, You're most welcome

[@Gasamom]

Senior on SSI only need to do taxes on 2021 for 2020..I do not work my stimulus check was only 600 dollars instead of 1400.00 because I do not file taxes normally. I have no regular work at all. Just SSI industrial Injured worker .I receive treasury.check. Is it free for me to file 2020 tax or do I have to pay?

[@KatieStOresCFPChFCEA]

[2:20 PM PST] @TaxesbyKatie.com Hello An Auer, You should be able to file for free. Please follow this link to the IRS "Do your Federal Taxes for Free" www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

[@jeanalexander4101]

I have the 1040 form. I'm 73 I have a grandson as dependent. On my 1st stimulus I received my 1200 direct deposit but did not receive my dependent stimulus until 6 months later direct deposit. On my 2nd stimulus I received my 600 direct deposit but did not receive dependent stimulus yet. So I heard I need to do the Rebate Recovery credit for my dependent. Can I use 1040 form and how do I fill the form out since t don't file taxes? If you could help me with my question I would really appreciate it thank you

[@KatieStOresCFPChFCEA]

[02:32 PM PST] @TaxesbyKatie.com Hello Jean, Yes, that is correct. If you’re eligible for the stimulus payment, and either didn’t get any or received less than the full amounts, you must file a 2020 1040-SR tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020. Stimulus payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.

[@NR-nf1il]

What is the standard deduction for 2020 taxes for seniors

[@KatieStOresCFPChFCEA]

[1:17 PM PST] @TaxesbyKatie.com Hello NR, Sorry for the big delay, I was stuck in the huge ice storm. If you have the "Age/Blindness" box checked as 1 and you are single, then the standard deduction is $14,050. If you will follow this link www.irs.gov/pub/irs-pdf/f1040s.pdf on page 4 you will see the Standard Deduction Chart.

[@emmanueltaylor6629]

No volume!

[@KatieStOresCFPChFCEA]

[10:54am PST] @TaxesbyKatie.com Hello Emmanuel, Sorry about that. I recorded the audio in stereo but only on the right channel. I should have taken a audio/video class while in school.

[@creolelady182]

the IRS software file has not changed the percentage of Social security benefits that is taxed. They still have it as 85 percent instead of 50 percent- which one is it

[@KatieStOresCFPChFCEA]

Hey CreoleLady, For the 2019 and 2020 tax years, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits. For married couples filing jointly, you will pay taxes on up to 50% of your Social Security income if you have a combined income of $32,000 to $44,000. If you have a combined income of more than $44,000, you can expect to pay taxes on up to 85% of your Social Security benefits.

[@creolelady182]

@@KatieStOresCFPChFCEA Thank You for clearing that subject up. loved your presentation

[@KatieStOresCFPChFCEA]

Thanks a lot, glad it helped.

[@creolelady182]

@@KatieStOresCFPChFCEA can i ask a question about 1099 Misc

[@KatieStOresCFPChFCEA]

Sure, What is it?

[@Oldgringo47]

Where's the sound????

[@KatieStOresCFPChFCEA]

Hey Richard, I'll check on the sound. I do have a step by step video of the 1040-SR coming out in about 1 hour. Hopefully the sound will work for you on that one.

[@KatieStOresCFPChFCEA]

Hello Richard, Here's the new video on the 1040-SR kzbin.info/www/bejne/fnLcond9iriFnK8 Hopefully the sound is works. I'll have one for Single filers out next. Hope it helps.