topic Re: Standard deduction in Deductions & credits

Tax Year Prior to 2020: Standard deduction

mctaggert-112 — Tue, 23 May 2023 21:05:33 GMT

I have Turbo Tax Deluxe. I finished income and I want to take standard deduction. How do I do this with this program? Were do I go on the screen to start standard deduction.

Re: Standard deduction

DoninGA — Fri, 24 Jan 2020 19:14:14 GMT

You receive the Standard Deduction automatically. If you enter itemized deduction then the program will give you greater of either the Standard or Itemized deduction.

Standard deductions for 2019

Single - $12,200 add $1,650 if age 65 or older
Married Filing Separately - $12,200 add $1,300 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,650 if age 65 or older

Re: Standard deduction for 65 and older.

RTJOB — Sun, 26 Jan 2020 15:31:17 GMT

So I am doing my 2019 turbo tax return and enter my deductions except I never say one for my 65 and older for $1300 additional standard deduction. I cannot itemize because based on my info turbo tax 2019 automatically tranformed my return to the standard deduction for married filed jointly. Am I getting the 65 or older credit since I turned 65 in October 2019 or do I have to add it somewhere? Can’t see were I am getting the additional deduction in turbo tax 2019?

Re: Standard deduction for 65 and older.

DoninGA — Sun, 26 Jan 2020 15:54:21 GMT

@RTJOB wrote:

So I am doing my 2019 turbo tax return and enter my deductions except I never say one for my 65 and older for $1300 additional standard deduction. I cannot itemize because based on my info turbo tax 2019 automatically tranformed my return to the standard deduction for married filed jointly. Am I getting the 65 or older credit since I turned 65 in October 2019 or do I have to add it somewhere? Can’t see were I am getting the additional deduction in turbo tax 2019?

The standard deduction is automatic and if your date of birth was entered correctly in the My Info section, the additional amount for being age 65 or older will be added to the standard deduction.

Look at your tax return Form 1040 Line 9

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Re: Standard deduction for 65 and older.

RTJOB — Mon, 27 Jan 2020 21:44:58 GMT

It is there on line 9. Standard deduction for married filing jointly is $24,400 + the $1,300 for the 65 and older deduction came to $25,700. Thanks very much for this answer otherwise it was and is not transparent.

Re: Standard deduction

jstanley — Sun, 09 Feb 2020 00:37:01 GMT

I have Turbotax Premier. I want to enter the standard deduction and skip entering all the itemized deductions. How do I do that?

Re: Standard deduction

BarbaraW22 — Sun, 09 Feb 2020 01:45:49 GMT

As DoninGA stated above, TurboTax will automatically enter the standard deduction on your tax return if you do not enter any itemized deductions. You can just skip adding any information in the "Deductions and Credits" section, scroll down to the bottom and click on "Wrap up tax breaks." TurboTax will provide you with the amount of your standard deduction on the next screen.

@jstanley

Re: Standard deduction

Schatzemolly — Sat, 15 Feb 2020 00:46:51 GMT

Your standard deduction on the program is incorrect..married filing jointly and 2 over 65 should be 27400.

Re: Standard deduction

DawnC — Sat, 15 Feb 2020 01:40:27 GMT

$27,400 will be the standard deduction for MFJ with both over 65 on 2020 returns. The standard deduction for Married filing Jointly for 2019 tax returns is:

Your standard deduction starts at $24,400.

Add $1,300 if you were born before January 2, 1955.
Add $1,300 if your jointly-filing spouse was born before January 2, 1955.
Add $1,300 if you were blind as of December 31, 2019.
Add $1,300 if your jointly-filing spouse was blind as of December 31, 2019.

@Schatzemolly

Re: Standard deduction

ErickSuarez — Mon, 24 Feb 2020 04:03:36 GMT

I just filed my taxes and I got the standard deduction the only thing is I’m not 65+ me and my wife are 23-24 and got deductions of $24k is that normal? How can I change that if I already submitted it?

Re: Standard deduction

VictorW9 — Mon, 24 Feb 2020 04:14:39 GMT

Yes, it is normal. The new Tax Cuts and Jobs Act (TCJA) almost double the standard deduction for family of four than before 2018. Now for 2019, the standard deduction for a married couple filing joint is 24,400.

Re: Standard deduction

VolvoGirl — Mon, 24 Feb 2020 04:17:28 GMT

For anyone else reading this......

For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind

HOH 18,350 + 1,650 for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind

Re: Standard deduction for 65 and older.

wsummer — Wed, 01 Apr 2020 13:03:41 GMT

how do i override a standard deduction on a sr-1040 return and use itemized deduction? thanks.

Re: Standard deduction

RTJOB — Wed, 01 Apr 2020 13:13:50 GMT

The standard deduction is automatic and if your date of birth was entered correctly in the My Info section, the additional amount for being age 65 or older will be added to the standard deduction.

Look at your tax return Form 1040 Line 9

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Re: Standard deduction for 65 and older.

MayaD — Wed, 01 Apr 2020 14:11:23 GMT

TurboTax will select the deduction that is best for you. Follow the steps if you want to itemize your deductions:

Log in to your account.
Go to Federal Taxes.
Go to Deductions and Credits.
Scroll all the way down and click Wrap up tax breaks.
Continue to the screen Based on what you just told us, the Standard (itemized) Deduction is best for and change your deduction.

Re: Standard deduction

lovebug7724 — Mon, 13 Apr 2020 22:31:46 GMT

what does it mean? am I paying $12,200? or am I getting $12,200??

Re: Standard deduction

DoninGA — Mon, 13 Apr 2020 22:35:21 GMT

@lovebug7724 wrote:

what does it mean? am I paying $12,200? or am I getting $12,200??

Neither. It means the first $12,200 of your income is not taxed as taxable income on your 2019 federal tax return.

Re: Standard deduction

VolvoGirl — Mon, 13 Apr 2020 23:14:27 GMT

The Standard Deduction is a good thing. You get to subtract either the Standard Deduction or all your Itemized Deductions whichever is more. It is subtracted off your income before the tax is calculated so you get taxed on a lower amount. Which means the first 12,200 Single or 24,400 Joint of your income is not taxed and is tax free.

Re: Standard deduction -- guidance in Turbo Tax seems to have an error in amount.

pi314159 — Tue, 02 Feb 2021 05:25:04 GMT

When you click on "I don't know whether I took the standard deduction in 2019 or itemized deductions in 2019" it takes you to a page that says what the standard deductions were for that year:

Did I Itemize Deductions?

"If you're not sure whether or not you itemized deductions last year, take a look at Form 1040, line 9 on your last year's tax return.

The standard deduction amounts are:
- $12,200 for Single or Married Filing Separately
- $24,400 for Married Filing Jointly or Qualifying Widow(er)
- $18,350 for Head of Household

If you have an amount on line 9 that is different than the standard deduction amount for your filing status, then select I itemized my deductions."

I think those figures are wrong, maybe they are for 2018. I think that because the Standard Deduction Chart on the bottom of 1040 Schedule A for 2019 has different numbers. I took the standard deduction 27,000 for married filing jointly for 2019.

Re: Standard deduction -- guidance in Turbo Tax seems to have an error in amount.

VolvoGirl — Tue, 02 Feb 2021 05:29:50 GMT

Are you just reporting that they may be wrong? Because they are right. You and your spouse must be both over 65?

For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind (13,850)

HOH 18,350 + 1,650 for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind