The new Form 1040-SR is a variation of the standard Form 1040 used by most taxpayers. If you were at least age 65 by the end of 2020, you can use either form. Form 1040-SR uses larger type and gives greater prominence to tax benefits for seniors, particularly the additional standard deduction.

Can someone who is filing Form 1040-SR US tax return for seniors itemize deductions?

The standard deduction chart on Form 1040-SR is useful for seniors because it lists the bigger standard deductions people 65 and older are eligible to claim. Plus, it’s in an easier-to-read format. The regular 1040 lists only the standard deductions non-seniors can claim in smaller text.

Do you have to be married to get Form 1040 SR?

Only one spouse must meet the age requirement if you’re married and filing a joint return. 6  Seniors can access Form 1040-SR in two ways. The IRS offers an online form online. You can complete it, then save it to your computer, and print it out.

When do you need to file Form 1040 SR?

More than 90% of taxpayers now use tax software to prepare and file their tax return. Taxpayers born before January 2, 1955, have the option to file Form 1040-SR whether they are working, not working or retired.

Are there income limits on the Form 1040 SR?

The 1040-SR, though, doesn’t put a limit on interest, dividends, or capital gains, nor does it cap overall income. Form 1040-EZ was repealed effective 2018 when the IRS revamped the standard Form 1040 tax return. Even seniors who met the 1040-EZ income requirements no longer had that option.

What’s the difference between Form 1040 and 1040 SR?

Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. Form 1040-SR uses the same schedules and instructions as Form 1040 does. Below is a general guide to what Schedule (s) you will need to file. (See the instructions for Form 1040-SR for more information on the numbered schedules.)