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snowbirdjotax
New Member

I have been told there is a new 1040SR for retirees which makes your deduction higher??

 
3 Replies
ColeenD3
Expert Alumni

I have been told there is a new 1040SR for retirees which makes your deduction higher??

Your standard deduction increases every year automatically. The only difference between a 1040 and a 1040SR is the size of the print and the spacing between lines.

 

1040SR

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Jim126
New Member

I have been told there is a new 1040SR for retirees which makes your deduction higher??

Yes, it's true and the standard deduction is $27,400. 

DoninGA
Level 15

I have been told there is a new 1040SR for retirees which makes your deduction higher??


@Jim126 wrote:

Yes, it's true and the standard deduction is $27,400. 


The Standard Deduction is the same regardless of which IRS form used, 1040 or 1040SR

 

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
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