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Dbilte
New Member

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?

I thought it automatically checks all deductions to get the max refund. It does not look like it even considered the 1040-SR, so we may have to fill out the taxes again with a different tax program like Tax Act?
7 Replies
xmasbaby0
Level 15

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?

Why do you think the tax form itself would make a difference?  The Form 1040 and 1040SR are exactly the same with all of the same lines and calculations. The difference between the two tax forms is the size of the print.  If you are 65 or older you automatically get the standard deduction for your age--no matter which form your tax is reported on.  The deduction is only different if you enter enough itemized deductions to exceed your standard deduction.

 

STANDARD DEDUCTION

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

 

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

 

Your standard deduction lowers your taxable income.  It is not a refund. 

 

2019 Standard Deduction Amounts

 

Single $12,200   (+ $1650 65 or older)

Married Filing Separate  $12,200   (+ $1300 if 65 or older)

Married Filing Jointly $24,400   (+ $1300 for each spouse 65 or older)

Head of Household $18,350  (+ $1650 for 65 or older)

 

Look on line 9 of your 2019 Form 1040 to see your itemized/standard deduction 

 

Form 1040:

https://www.irs.gov/pub/irs-pdf/f1040.pdf

 

Form 1040SR:

https://www.irs.gov/pub/irs-pdf/f1040s.pdf

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
s w
New Member

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?

Do I have a choice to use the 1040 SR or not? i really do not want to use the SR...what a waste of tax dollars to make an identical form in larger font with a table for deductions......we are not all blind and we are not all in need of a table instead of reading about it. It is like the government wants to put us in our place old and senile. Give us a label to make us all the same ...

VolvoGirl
Level 15

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?

Yes you have a choice.  If you use the Desktop program you can switch to forms and the Info Wks part II has a selection to select 1040SR or not.  You can not change it in the Online versions.   In the Online version if you want to use the regular 1040 form, you can print out the 1040SR and copy the amounts onto the 1040 and then mail your return.

 

Why don't you want to use the 1040SR?

Even the regular 2019 1040 return is now different than 2018.  They changed the line numbers again and reduced the new schedules from 6 to 3.

 

1040SR https://www.irs.gov/pub/irs-pdf/f1040s.pdf

 

1040 https://www.irs.gov/pub/irs-pdf/f1040.pdf

s w
New Member

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?

So this new form is for printing or submission via mail and is not used for online submission..in other words the  data is sent electronically as a 1040 not a 1040SR to the IRS,correct? 

 

I do not want to use as a protest...what a waste of tax dollars to make an identical form in larger font with a table for deductions......we are not all blind and we are not all in need of a table instead of reading about it. It is like the government wants to put us in our place old and senile. Give us a label to make us all the same ...

DoninGA
Level 15

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?


@s w wrote:

So this new form is for printing or submission via mail and is not used for online submission..in other words the  data is sent electronically as a 1040 not a 1040SR to the IRS,correct? 

 

I do not want to use as a protest...what a waste of tax dollars to make an identical form in larger font with a table for deductions......we are not all blind and we are not all in need of a table instead of reading about it. It is like the government wants to put us in our place old and senile. Give us a label to make us all the same ...


The Form 1040-SR is exactly the same as the Form 1040.  It can be used for either e-filing or for mailing.

I used the 1040-SR and e-filed my tax return in March with no issues whatsoever.

Granted it is not only redundant but probably not needed.  Although there will be other seniors who like the form due to its larger font type and the information on the form.  

As in most cases there is no pleasing everyone.

dmertz
Level 15

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?

Correct.  There is no difference in the data reported between Form 1040 and Form 1040-SR, so what gets transmitted in an e-filing is the same no matter which form you choose to use for your printed tax return.

macuser_22
Level 15

Will Turbo Tax automatically use to 1040-SR if appropriate? Friends are saying we should have gotten more back and Turbo Tax has failed us again. Doesn’t it look for all?


@s w wrote:

 

 

I do not want to use as a protest...what a waste of tax dollars to make an identical form in larger font with a table for deductions......we are not all blind and we are not all in need of a table instead of reading about it. It is like the government wants to put us in our place old and senile. Give us a label to make us all the same ...


Blame Congress and the Bipartisan Budget Act of 2018 that required the IRS to create a tax form for seniors.

 

Note that is says "when printed" - when e-filed there is no difference because e-file does not transmit any actual forms, only data to the IRS e-file system and the data is the same either way. [Another Congressional solution looking  for a non-problem.]

 

[quote]

IR-2020-24, January 30, 2020

WASHINGTON ― The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use.

The Bipartisan Budget Act of 2018 required the IRS to create a tax form for seniors. Taxpayers age 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors. Form 1040-SR, when printed, features larger font and better readability.

Taxpayers who electronically file Form 1040-SR may notice the change when they print their return. More than 90% of taxpayers now use tax software to prepare and file their tax return.

 

https://www.irs.gov/newsroom/new-form-1040-sr-alternative-filing-option-available-for-seniors

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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