"Many older Americans continue to rely on Social Security as their primary source of income, a benefit they've earned over a lifetime of hard work," said Congressman Barrow. "No American should have to struggle with duplicative forms and a convoluted tax code, especially our seniors. That's why I'm proud that my Democratic and Republican colleagues and I have been able to craft a bill that will make it simpler and easier for our seniors to file their tax returns."
"I'm delighted to join my colleague, John Barrow, on an important bill for senior citizens. The Seniors' Tax Simplification Act gives members of the Greatest Generation, our senior citizens, the convenience to file taxes with one simple form," said Congressman Fleming. "This legislation is long overdue. No one likes paying taxes, but this can make reporting them a little less stressful, and with John's help, this bill will become reality."
"Simplifying the process of filing taxes for America's seniors is something that is long overdue. For far too long seniors have had to fill out multiple complex tax forms, even though for many, their primary income comes in the form of social security benefits," said Congresswoman Richardson. "With the creation of the 1040SR, seniors will be able to use one convenient form tailored to them, streamlining the process and making it easier to file their taxes."
"Every year, Americans spend an incredible amount of money trying to comply with the tax code. While this might be good for accountants, it's not good for families, small business and seniors. This legislation fixes a key part of that problem by simplifying tax filing for millions and millions of seniors across the country."
The Seniors Tax Simplification Act has received the endorsement of the AARP, Americans for Tax Reform, the National Taxpayers Union and the 60 Plus Association.
Since 1982, the IRS has allowed taxpayers with incomes of less than $100,000 who take the standard deduction to use a simplified form -- the 1040EZ. The 1040EZ reduces the tax compliance burden on ordinary Americans who otherwise may not be able to afford tax preparation services. Unfortunately, this streamlined form is not made available to Social Security beneficiaries, forcing our seniors who are 65 and older to use the more complicated versions of the 1040.
The 1040SR form would serve as a simplified form for folks that receive the majority of their income through social security benefits, but who also receive distributions from retirement plans, interest or dividends from savings, or capital gains and losses.
According to estimates from the Social Security Administration, this legislation could help nearly 22 million older Americans -- or 55 percent of the elderly or retired Americans that receive social security benefits each year that rely on social security benefits as their primary source of income.