I have a pension, wife has a job. I took a lump sum from a traditional IRA last yr. We file jointly. We used standard deduct last year. What form should we use this year?

Forum|Forum|11 months ago
April 13, 2025
2 replies
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We own a home, but our itemized deductions are less than the standard deduction.

TurboTax Online

DoninGA

Employee

You should file as Married Filing Jointly. Your tax brackets are lower then if you file separately. Go to this IRS website for the tax brackets - https://www.irs.gov/filing/federal-income-tax-rates-and-brackets

Standard deductions for 2024

Single - $14,600 add $1,950 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older

jonandmariawAuthor

Yes. Thank you.

xmasbaby0

Employee

Everyone uses a Form 1040--or if at least one of you is 65 or older your return prints out on Form 1040SR, which is identical except that it has bigger print.

Are you really asking what version of the software to use?

If you do not plan to enter itemized deductions you might be able to use the Free Edition; if not, Deluxe should work for you.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

jonandmariawAuthor

Thank you. I did mean what version of the software I should use.

DianeW777

It depends. You can use TurboTax Online and it will only upgrade if any item on your tax return requires it. If you choose TurboTax Desktop you an use Basic.

TurboTax Online or Desktop
- Click the link, then click Online or Desktop. For the online version scroll to the bottom to see the free version limits.

@jonandmariaw

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