The Standard Deduction is what you automatically receive based on your filing status and age. The TurboTax program enters the deduction for you. It you itemize deduction on Form 1040 Schedule A, then program will enter the higher of the Standard Deduction or the Itemized Deductions.
Standard deductions for 2016
- Single - $6,300 add $1,550 if age 65 or older
- Married Filing Separately - $6,300 add $1,250 if age 65 or older
- Married Filing Jointly - $12,600 add $1,250 for each spouse age 65 or older
- Head of Household - $9,300 add $1,550 if age 65 or older