Seniors' Tax Simplification Act of 2017

Bill: 115-s-157
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2017-01-17
Policy area: Taxation
Subjects: Aging

Tax administration and collection, taxpayers
Latest action: action_date: 2017-01-17
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2017-01-17
action_desc: Introduced in Senate
text: <p><strong>Seniors' Tax Simplification Act of 2017 </strong></p> <p>This bill directs the Internal Revenue Service to make available to taxpayers who have turned age 65 at the close of the taxable year&nbsp;a new federal income tax Form 1040SR (similar to the existing Form 1040EZ). Such taxpayers can use this new form even if their income includes: (1) Social Security benefits; (2) distributions from qualified retirement plans, annuities, or other such deferred payment arrangements; (3) interest and dividends; or (4) capital gains and losses.</p> <p>The form must be available without regard to the amount of any item of taxable income or the total amount of taxable income for the taxable year.</p>

tv_txt: II 115th CONGRESS 1st Session S. 157 IN THE SENATE OF THE UNITED STATES January 17, 2017 Mr. Rubio (for himself, Mr. Nelson , and Mr. Lee ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To allow seniors to file their Federal income tax on a new Form 1040SR.

1. Short title This Act may be cited as the Seniors’ Tax Simplification Act of 2017 . 2. Form 1040SR for seniors (a) In general The Secretary of the Treasury (or the Secretary’s delegate) shall make available a form, to be known as Form 1040SR , for use by individuals to file the return of tax imposed by chapter 1 of the Internal Revenue Code of 1986. Such form shall be as similar as practicable to Form 1040EZ, except that— (1) the form shall be available to individuals who have attained age 65 as of the close of the taxable year, (2) the form may be used even if income for the taxable year includes— (A) social security benefits (as defined in section 86(d) of the Internal Revenue Code of 1986), (B) distributions from qualified retirement plans (as defined in section 4974(c) of such Code), annuities or other such deferred payment arrangements, (C) interest and dividends, or (D) capital gains and losses taken into account in determining adjusted net capital gain (as defined in section 1(h)(3) of such Code), and (3) the form shall be available without regard to the amount of any item of taxable income or the total amount of taxable income for the taxable year. (b) Effective date The form required by subsection (a) shall be made available for taxable years beginning after the date of the enactment of this Act.