S.157 - Seniors' Tax Simplification Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Rubio, Marco [R-FL] (Introduced 01/17/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/17/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.157 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (01/17/2017)
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.