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Many seniors filing their taxes this year will have the option of using the new 2019 Form 1040-SR, U.S. Tax Return for Seniors.

Eligible taxpayers age 65 and older who plan to itemize deductions instead of taking the standard deduction will be able to file Form 1040-SR along with Schedule A, Itemized Deductions, when they file their 2019 tax return.

These taxpayers will have the option to use this new form – either filing electronically or mailing a paper return – when they file their 2019 federal income tax return this year.

Form 1040-SR adds a standard deduction chart listing the standard deduction amounts, including the extra amount that taxpayers age 65 and older qualify for.

The form allows income from certain other sources such as investment income, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements to eligible taxpayers age 65 and over.

Retirement is not a requirement and taxpayers working past age 65 will have the option to file the Form 1040-SR.

Form 1040-SR is a result of the Bipartisan Budget Act, enacted on February 9, 2018, which required the IRS to create a tax form for seniors.

"Taxpayers who file electronically generally won't notice much of a change until they print their return," explained a source at the IRS. "The tax software walks the taxpayer through it and uses the appropriate forms and schedules they need to file."