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When you enter your date of birth in the My Info section of the program and are age 65 or older, you will automatically receive an increase in the Standard Deduction for your filing status on the Form 1040 Line 12.
Standard deductions for 2023
Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older
"I turned 65 this year"
Do you mean you turned 65 in 2024? The additional amount for your standard deduction is based on your age at the end of 2023. If you were not 65 before the end of 2023, you will wait for next year when you file a 2024 tax return to get the higher standard deduction.
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 2023 Form 1040.
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
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