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hselig
New Member

Why does my automatic deduction exceed the 24000 my wife and i received? Our deductions did not exceed 24000.

 
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xmasbaby0
Level 15

Why does my automatic deduction exceed the 24000 my wife and i received? Our deductions did not exceed 24000.

The standard deduction for a couple filing a joint return is $24,000.  That means you can have that much "tax free" income.  Each person 65 or older gets an extra $1300.   So if you are both 65 or older, your standard deduction is $26,600.   It will appear on line 8 of your Form 1040.

**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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1 Reply
xmasbaby0
Level 15

Why does my automatic deduction exceed the 24000 my wife and i received? Our deductions did not exceed 24000.

The standard deduction for a couple filing a joint return is $24,000.  That means you can have that much "tax free" income.  Each person 65 or older gets an extra $1300.   So if you are both 65 or older, your standard deduction is $26,600.   It will appear on line 8 of your Form 1040.

**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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