Add $1,550 if single/head of household; $1,250 per blind spouse if married (add to age amount).
: If you are a senior with a side business or gig work, you must still file Schedule C and follow self-employment tax instructions if your net earnings are $400 or more. 1040-sr instructions
| Filing Status | Under 65 | 65 or Older | |---------------|----------|-------------| | Single / MFS | $14,600 | $16,550 | | Head of Household | $21,900 | $23,850 | | Married Filing Jointly (both under 65) | $29,200 | N/A | | Married Filing Jointly (one 65+) | $29,200 | $30,750 | | Married Filing Jointly (both 65+) | $29,200 | $32,300 | | Qualifying Surviving Spouse | $29,200 | $30,750 | Add $1,550 if single/head of household; $1,250 per
This section functions exactly like the standard Form 1040. You must report all sources of income. You must report all sources of income
Use the in the Form 1040-SR instructions to calculate the taxable amount.
As of the 2019 tax year, the IRS introduced Form 1040-SR, officially known as the . This form was designed to make tax filing easier and more accessible for taxpayers aged 65 and older.
Your standard deduction is higher if you are 65 or older or blind.