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Posey Testifies in Support of Simplifying Tax Filings for Senior Citizens

In a hearing of the House Ways and Means Committee today, Congressman Bill Posey (R-Rockledge) testified in support of his bipartisan legislation H.R. 2721, the Seniors’ Tax Simplification Act, which would simplify tax filing for senior citizens living on fixed incomes.

“Many senior citizens don’t have complicated income streams and it’s just common sense that their tax filing forms reflect that reality,” said Congressman Posey. “Simplifying these forms will help senior citizens save time and money when it comes time to file their taxes.”

Currently the IRS prohibits individuals over 65-years-old from filing the one-page 1040EZ form even if they have a simple return and choose not to itemize deductions. Specifically, the 1040EZ form does not include lines for Social Security or other retirement benefits, as well as interest and capital gains on investments. The Seniors’ Tax Simplification Act, which has earned the support of both The 60 Plus Association and AARP, will direct the IRS to create a new basic, easy-to-read form called the 1040SR for senior taxpayers earning Social Security, retirement benefits, interest and capital gains, while extending the common-sense convenience of the 1040EZ form.

Click Here to watch Congressman Posey’s Testimony before the House Ways and Means Committee.

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