Th software uses the date of birth you enter in MY INFO. It goes by your age as of the end of 2024. If you are 65 or older, your return will print out on a Form 1040SR. Form 1040 and Form 1040SR are identical except that 1040SR has bigger print. Everything else is the same. The lines and calculations are identical. If you are 65 or older you get higher standard deduction, which will appear on line 12 of your tax form.
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.**
