topic Standard deduction for 65+ and filing single for tax year 2023/24 in Deductions & credits

Standard deduction for 65+ and filing single for tax year 2023/24

la6830 — Sun, 05 Jan 2025 19:40:35 GMT

Hello-

I turned 65 last year and for the first time didn't have enough deductions to itemize so turbotax recommended taking the standard deduction which I did. I'm now working on my 2024 taxes. After reviewing the 2023 and 2024 senior deductions I'm a bit confused. For 2023 the senior standard deduction filing single was $1,850. But after reviewing my 2023 taxes, I noticed turbotax gave me a standard deduction of only $15,700. For this year (2024) the senior standard deduction is $1950 but my tax form (still in progress) is only showing $16,550. I'm using turbotax on-line so calculations should be current according to my age. What am I missing?

Thank you.

Re: Standard deduction for 65+ and filing single for tax year 2023/24

DoninGA — Sun, 05 Jan 2025 19:42:38 GMT

Standard deductions for 2024

Single - $14,600 add $1,850 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older

Re: Standard deduction for 65+ and filing single for tax year 2023/24

la6830 — Sun, 05 Jan 2025 19:50:53 GMT

Thank you for the quick response.

According to updated IRS guidelines the 65+ standard deduction for 2024 should be $1950. $1850 was for 2023.

Re: Standard deduction for 65+ and filing single for tax year 2023/24

DoninGA — Sun, 05 Jan 2025 19:56:24 GMT

@la6830 wrote:

Thank you for the quick response.

According to updated IRS guidelines the 65+ standard deduction for 2024 should be $1950. $1850 was for 2023.

Age 65 or older the Standard Deduction is amount shown for the filing status PLUS $1,950.

Go to this IRS website where you can enter your information and it will give you the Standard Deduction and you can select the tax year - https://www.irs.gov/help/ita/how-much-is-my-standard-deduction

Re: Standard deduction for 65+ and filing single for tax year 2023/24

la6830 — Sun, 05 Jan 2025 20:27:12 GMT

Please disregard original post. It was my error.

Thank you.

Re: Standard deduction for 65+ and filing single for tax year 2023/24

me_226 — Mon, 14 Apr 2025 17:37:26 GMT

I have the same issue with mine for several years now. How do I contact turbo tax

Re: Standard deduction for 65+ and filing single for tax year 2023/24

me_226 — Mon, 14 Apr 2025 17:44:58 GMT

But why is turbotax calc. only the standard deduction and not including the senior . How do you correct it in the desktop program. The sheet they included showed that the standard deduction plus the senior was 18,500.

Re: Standard deduction for 65+ and filing single for tax year 2023/24

DoninGA — Mon, 14 Apr 2025 17:47:00 GMT

@me_226 wrote:

I have the same issue with mine for several years now. How do I contact turbo tax

Which issue are you referring to? If it is about the Standard Deduction, the TurboTax program correctly enters the deduction based upon the taxpayer(s) age and filing status.

Standard deductions for 2024

Single - $14,600 add $1,950 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older

Re: Standard deduction for 65+ and filing single for tax year 2023/24

DoninGA — Mon, 14 Apr 2025 17:49:00 GMT

@me_226 wrote:

But why is turbotax calc. only the standard deduction and not including the senior . How do you correct it in the desktop program. The sheet they included showed that the standard deduction plus the senior was 18,500.

You are referring to the Standard Deduction that will be in effect for tax year 2025. The tax returns being filed now are for tax year 2024.