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New Member
posted Jan 31, 2025 3:42:16 PM

Don't you get a extra deduction if both are over 65 filing a joint return?

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2 Replies
Level 15
Jan 31, 2025 3:45:11 PM

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.

 

 

 

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

Level 15
Jan 31, 2025 3:46:52 PM

It shows up as a larger standard deduction, not as something extra.  If you itemize your deductions and your itemized deductions are larger than the higher standard deduction, you won't see a tax benefit of being 65 or older.