topic Re: Wrong deduction in Get your taxes done using TurboTax

Wrong deduction

Lelandw89 — Sun, 19 Jan 2025 21:14:18 GMT

So the single standard deduction is 15,000 but turbo tax has it at 14,600. So it puts me owing more taxes. I checked previous years as well and it was wrong. So turbo tax cost me a couple hundred for the last three years. How do I fix this?

Re: Wrong deduction

xmasbaby0 — Sun, 19 Jan 2025 21:16:34 GMT

Not sure where you are getting your standard deduction amounts.

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 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)

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)

2022 STANDARD DEDUCTION AMOUNTS

SINGLE $12,950 (65 or older + $1750)

MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)

MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)

HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)

Legally Blind + $1750

2021 STANDARD DEDUCTION AMOUNTS

SINGLE $12,550 (65 or older + $1700)

MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)

MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)

HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)

Legally Blind + $1350

Re: Wrong deduction

VolvoGirl — Sun, 19 Jan 2025 21:18:17 GMT

That is the new amount for 2025 that we file next year in 2026. Each year changes so the prior years were right.

For 2024 the standard deduction amounts are:

Single 14,600+1,950 for 65 and over or blind

HOH 21,900 + 1,950 for 65 and over or blind

Joint 29,200 + 1,550 for each 65 and over or blind (both 32,300)

Married filing Separate 14,600 + 1,550 for 65 and over or blind

Re: Wrong deduction

MinhT1 — Sun, 19 Jan 2025 21:18:41 GMT

TurboTax is correct.

Please read this IRS document.

For tax year 2024, standard deductions are:

$29,200 for married couples whose filing status is “married filing jointly” and surviving spouses;
$14,600 for singles and married couples whose filing status is “married filing separately”; and
$21,900 for taxpayers whose filing status is “head of household.”

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

$1,550 for married individuals; and
$1,950 for singles and heads of household.

Re: Wrong deduction

DoninGA — Sun, 19 Jan 2025 21:19:32 GMT

The Standard Deduction for tax year 2024 when the filing status is Single - $14,600

IRS Publication 501 Table 1 page 2 - https://www.irs.gov/pub/irs-pdf/p501.pdf$page=2