Standard Deduction, married Joint, Both over 65

[VolvoGirl]

And many years ago you would get a smaller Standard Deduction and separate Exemptions for each person.  They stopped having the exemptions and doubled the Standard Deduction.  

[VolvoGirl]

@jeffbeish   Why in the top screenshot are the boxes checked for you and spouse are dependents?  That's probably very wrong.  

[jeffbeish]

Yes, that is why I must have confused myself because I've filed Fed tax for many years and now just pay less attention to the details.  I stopped the paper method and stayed Turbo Tax long ago and just didn't pay attention to the 1040 form.  That's what happens when one gets old.

[jeffbeish]

Yes.  IRS pays employees to change paperwork and that's what they love to do.

[Patrick103]

The AARP bulletin indicates that the standard deduction for joint filers both over 65 is now $32,300.  This includes the new amount for your 2024 return of 29,200 plus 3100 if both are over age 65 (1550 for each filer).

Is TurboTax on board with this or is airport printing incorrect information?

[DoninGA]

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@Patrick103 wrote:

The AARP bulletin indicates that the standard deduction for joint filers both over 65 is now $32,300.  This includes the new amount for your 2024 return of 29,200 plus 3100 if both are over age 65 (1550 for each filer).

Is TurboTax on board with this or is airport printing incorrect information?

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That is for tax year 2024 that is filed next year in 2025.  Tax year 2023 is the year being reported now.

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

[VolvoGirl]

That is for 2024 returns we file in 2025.  We are doing 2023 now.

[TruTexan]

What if you have an adult disabled dependent who lived with you for the whole year and you supported 100%?  My wife and I are both over 65 and are filing jointly.  Using 1040-SR does not seem to allow for another dependent.

[xmasbaby0]

@TruTexan Not sure why you think 1040SR does not allow you to claim a dependent.   Go to My Info.  Click your name.   Go through the screens and when it asks if you supported another person say YES.  It will prompt you to enter the dependent.

IRS interview to help determine who can be claimed:

https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent

[VolvoGirl]

Yes you can add dependents on the 1040-SR and into all versions of Turbo Tax.   Are you asking about the Standard Deduction?  No a dependent doesn't increase the Standard Deduction.  The Standard Deduction just goes by your filing status like Single or Married, not how many people are on your tax return.  Many years ago you did get exemptions for each person.  But that was eliminated when they doubled the Standard Deduction.  

[xmasbaby0]

Claiming your son gives you a $500 credit for other dependents.

CREDIT FOR OTHER DEPENDENTS

https://ttlc.intuit.com/questions/4499708-what-is-the-500-credit-for-other-dependents-family-tax-cre...

And...if you pay any medical expenses for him you can add those to your medical expenses if you itemize deductions.

[EdHowald]

Both over 65 but one spouse died during the year,    Turbo tax provided a standard deduction of $30,750.

I was expecting $29,200 plus $1,550 for each which would equal $32,300

[VolvoGirl]

Yes should be 32,300.  Go back to My Info or Personal Info and check both birthdates.  

[rjs]

@EdHowald  @VolvoGirl 

If the person died before their 65th birthday, they do not get the additional amount for being 65, even if they would have been 65 at the end of the year.