U.S. Representatives Adam Putnam (R-Fla) and Ginny Brown-Waite (R-Fla) today introduced legislation that would allow senior citizens to file their taxes on a new and simplified tax form (Form 1040S).  The IRS estimates that as many as 11 million seniors could benefit from a simplified tax form in the first year it is made available.

“With the explosion of the senior Boomers, we ought to make filing taxes as simple as possible,” said Putnam. “This change in the form will accomplish that.”

“A simple one page IRS form for American seniors should be a no-brainer,” said Rep. Brown-Waite.  “Our tax code has gotten so complicated that the average American must spend hundreds of dollars to file their forms with the IRS.  Seniors living on fixed incomes shouldn’t be forced to waste their time and limited resources to jump through bureaucratic hoops.  This legislation is a common-sense way to protect our seniors, lower costs to the American taxpayer, and reduce bureaucracy in the federal government.  I applaud Congressman Putnam for introducing this bill and look forward to working with him towards its passage.”

The new form would be designed to help senior taxpayers report the most common sources of income, such as social security benefits, distributions from qualified retirement plans, annuities or other deferred payment arrangements, interest and dividends, and capital gains and losses.  By 2030, the federal government predicts 20 percent of the U.S. population will be over age 65. 

“The Seniors’ Tax Simplification Act will save millions of taxpayers countless hours of time and energy could be better spent than in fretting over complex and often confusing tax forms,” said Putnam.

 Since 2001, Putnam has represented Florida’s 12^th Congressional District, which includes most of Polk County and portions of Hillsborough and Osceola counties.