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How do I record my over 65 years old tax deduction in Turbotax? Does the system automatically do that based on inputted birthdate?

 
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2 Replies
JohnB5677
Expert Alumni

How do I record my over 65 years old tax deduction in Turbotax? Does the system automatically do that based on inputted birthdate?

Yes, the system will recognize the over 65 additional standard deduction based on the birth date that you entered in My Info.

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How do I record my over 65 years old tax deduction in Turbotax? Does the system automatically do that based on inputted birthdate?

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)

 

 

 

**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.**
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