I recommend that you do not be lazy and go through the effort of compiling your itemized deductions. Your efforts may be greatly rewarded!

Tax forms 1040 and 1040-SR are nearly identical ... Form 1040-SR includes a table for standard deductions, simplifying the process for seniors who are not itemizing deductions.

It also has a chart designed to help senior taxpayers calculate their standard deductions ... Earned Income Tax Credit. What is the difference between Forms 1040 and 1040-SR?

The IRS has announced inflation adjustments for 2025, bringing positive changes to tax credits and deductions. These adjustments, particularly in the standard deduction, are set to benefit a ...

Investopedia / Mira Norian Individual taxpayers use Form 1040 ... the taxpayer's standard deduction. The table below highlights the deductions for the 2024 and 2025 tax years.

Choose the filing status you use when you file your tax return Input the ... If your total itemized deductions are less than the standard deduction, the calculator will use the standard deduction.