Yes, the system will recognize the over 65 additional standard deduction based on the birth date that you entered in My Info.
When you enter your date of birth in MY INFO the software will use that date to determine if you use Form 1040SR and whether you get the higher standard deduction for 65 or older. It goes by your age at the end of 2024.
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)