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US HR2721

Seniors' Tax Simplification Act of 2017


summary

Introduced
05/25/2017
In Committee
05/25/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Seniors' Tax Simplification Act of 2017 This bill directs the Internal Revenue Service to make available to taxpayers who have turned age 65 at the close of the taxable year 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. 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.

AI Summary

This bill, known as the Seniors' Tax Simplification Act of 2017, directs the Internal Revenue Service (IRS) to create a new federal income tax form, Form 1040SR, specifically for taxpayers who have turned 65 by the end of the taxable year. This new form, which is similar to the existing Form 1040EZ, can be used by seniors even if their income includes Social Security benefits, distributions from qualified retirement plans, interest and dividends, or capital gains and losses. The form must be available regardless of the amount of taxable income or the total taxable income for the year.

Committee Categories

Budget and Finance

Sponsors (11)

Last Action

Referred to the House Committee on Ways and Means. (on 05/25/2017)

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