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.
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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