Total standard deduction or itemized deductions.Above-the-line charitable contributions deduction.Other income from Schedule 1, including unemployment compensation.Social Security benefits and their taxable amounts.Pensions and annuities and their taxable amounts.IRA distributions and their taxable amounts.Wages, salaries, tips, taxable scholarships, and taxable fellowship grants.Since Form 1040-SR is functionally the same as Form 1040, you can report all the same types of income, deductions, credits, and other items that you can on Form 1040. Items that can be reported on a Form 1040-SR tax return Form 1040-SR has larger type and larger boxes to write numbers in, making it slightly easier for seniors to read and fill out. Since these forms are virtually identical in function, the main reason to use Form 1040-SR is if you're filling out your tax return by hand rather than online. For example, you are not forced to take the standard deduction if you choose to file with Form 1040-SR. There aren't any other caveats that come with using this form. Who can file using Form 1040-SR?Īnyone age 65 or older can opt to use Form 1040-SR instead of Form 1040. Form 1040-SR uses the same line items and instructions as the standard Form 1040.

The idea was to make it easier for seniors with simple tax situations to file their tax returns.Īs a result, the IRS created a version of Form 1040 that uses larger print and includes a standard deduction table directly on the for so that seniors can quickly look up their standard deduction amounts. You can use all IRS schedules (additional forms) with Form 1040-SR, including Schedules 1, 2, and 3, to report information not directly reported on Form 1040-SR.Ĭongress required the IRS to develop a tax form for seniors in the Bipartisan Budget Act of 2018.You need to be 65 or older to use Form 1040-SR.A standard deduction table is printed right on the form for easy reference.Form 1040-SR is a large-print version of Form 1040 that is designed for taxpayers who fill out their tax return by hand rather than online.

Irs tax tables 2020 for seniors