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Deductions & credits
The Form 1040 is the federal tax return for every taxpayer, so there is nothing for you to select.
The Standard Deduction is the default unless the itemized deductions are greater than the Standard Deduction for your filing status.
Standard deductions for 2020
- Single - $12,400 add $1,650 if age 65 or older
- Married Filing Separately - $12,400 add $1,300 if age 65 or older
- Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
- Head of Household - $18,650 add $1,650 if age 65 or older
‎December 17, 2020
8:20 AM
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