topic Standard Deduction in Deductions & credits

Standard Deduction

Dd4841 — Tue, 01 Apr 2025 19:57:10 GMT

My 2023 federal tax return was married, filing jointly with both individuals over age 65. The boxes for older than 65 were checked on page 1 of the 1040-SR return. Turbotax calculated the standard deduction as 30,700 on line 12.

The 2023 standard deduction for a joint return was 29,200 with an additional $1500 per qualified individual. As both individuals in the joint return were qualified individuals, I thought the calculated standard deduction should be $32,200 not $30,700. It seems the software only added $1500 which applies to only one person over 65.

I am completing my 2024 return and am confused as to how Turbotax calculates the standard deduction for joint returns with both individuals over 65.
Thanks

Re: Standard Deduction

VolvoGirl — Tue, 01 Apr 2025 20:07:38 GMT

It goes by the birthdates. Go back to My Info or Personal and double check the dates.

Re: Standard Deduction

MinhT1 — Tue, 01 Apr 2025 20:08:09 GMT

The standard deduction for tax year 2023 on your TurboTax return was correct.

In 2023, the standard deduction for a couple filing jointly was $27,700. The additional deduction is $1,500 per person aged 65 and over is $1,500. So $27,700 + $1,500 +$1,500 = $30,700.

For 2024, the standard deduction has increased to $29,200. The additional deduction has increased to $1,550 per person. So your standard deduction for 2024 is $32,300 ($29,200 + $1,550 + $1,550).

Re: Standard Deduction

VolvoGirl — Tue, 01 Apr 2025 20:09:59 GMT

Oh sorry, I should have checked your amounts before posting. Those are for 2024. Turbo Tax is right.

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 or 65 and over or blind

HOH 20,800 + 1,850 for 65 and over or blind

Joint 27,700+ 1,500 for each 65 and over or blind (both 30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind

Re: Standard Deduction

MB314 — Mon, 14 Apr 2025 11:43:37 GMT

I spent nearly 2 hours last evening on the phone with 3rd level support to find out WHY my standard deduction on line 12 did not read $29,200 as written on the form, it rather read $32,300. I thought it was a bug. The last person suggested I start my taxes over. So I got up early this morning before work to do that - same result. Last minute desperation, since the call center doesn't open till 5 am PST, searched the web "Standard deduction married filing jointly $32,300" and BINGO - explanation. My wife and I both over 65. There is an additional $1550.00 each credit allowed by the IRS. I'm livid now, but at least on the path to finish my taxes. TWO suggestions: (1) In the software put information links or else let the user know WHY the standard deduction shows higher than what's printed on the form ($29,200), and (2) Train your people better to know or at least find answers in your own database. Competance over quantity a wiser choice. Kick the DEI.