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?

[Dbilte]

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?

[xmasbaby0]

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

[s w]

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]

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]

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]

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@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 ...

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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]

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]

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@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 ...

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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

[0732]

They or TurboTax showed a refund for $2.800.00 I I thought it was free charged me $29.00 on a master card.

my printer an HP desk jet wouldn't work.  I fix that this morning its working now! I try to use Karma credit.  Decided that $400.00 I get for opening a business account at Chase Bank was a better deal.  I am a man of 

82 married a US Air Force Vietnam era veteran who work as a Staff Sargent in charge of communications

Top Secret.  My spouse is a retired like me picked me up at Sam's Club Ha! 93 years tall looks 69 when she

puts her makeup by Lone come her daughter works in Dullards  sells it to lawyers. Doctors Wifes & public for 25 years. She & husband Gary live in $500,000.00 home.  in ***** TX All I ask you treat me right or I 'll use some of the lawyers husbands, Ha!  I use to do Taxes for my friends on TurboTax  regards, James B. C.

Special Lady- was a model all the guys like her looks when I take her dancing --Edith C. put that 0732 in. nothing happen.  Ido take a few notes.  use to be in event specialist for 18 years.  Retired both of us !

[SueS3]

I'm not 65 years old but turbo tax is putting my info in 1040-sr, HELP

[xmasbaby0]

@SueS3 Check the date of birth you entered in My Info.   If your date of birth indicates you were 65 or older at the end of 2021 then the software uses 1040SR.   The 1040SR is exactly the same ----only the print is bigger---so nothing to stress about.   But you do need to know if you are using the correct DOB.

[SueS3]

My husband is 65, I'm not, Help

[xmasbaby0]

Are you filing a joint return?   If so that is why you are on a 1040SR.   Why are you so upset over the 1040SR?

[DoninGA]

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@SueS3 wrote:

My husband is 65, I'm not, Help

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The Form 1040-SR is exactly the same as the Form 1040.  The only difference is the print is larger on the Form 1040-SR.

The standard deduction for Married Filing Jointly when one spouse is age 65 is $26,450

Standard deductions for 2021

• Single - $12,550 add $1,700 if age 65 or older
• Married Filing Separately - $12,550 add $1,350 if age 65 or older
• Married Filing Jointly - $25,100 add $1,350 for each spouse age 65 or older
• Head of Household - $18,800 add $1,700 if age 65 or older

[Fayruy]

The IRS isn’t accepting “Recovery Rebate Credit”- Line 30 on Form 1040SR. TurboTax added ours with our income causing our refund to be $2800. less. If TurboTax is going to be assisting people do their taxes I would assume they know the rules.