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

[ColeenD3]

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

[Jim126]

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

[DoninGA]

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@Jim126 wrote:

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

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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