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The married filing jointly standard deduction starts at $24,000.
Example: Joint filers Pat and Tracy, who were both born in 1941 and are not blind, get a standard deduction of $24,000 + $1,300 + $1,300 = $26,600.
Here is more information:
https://ttlc.intuit.com/replies/4208574
The married filing jointly standard deduction starts at $24,000.
Example: Joint filers Pat and Tracy, who were both born in 1941 and are not blind, get a standard deduction of $24,000 + $1,300 + $1,300 = $26,600.
Here is more information:
https://ttlc.intuit.com/replies/4208574
On the 2019 1040 form the Standard Deduction question asks to check a box if you were born before January 2, 1955.
On the Turbotax 2020, the Standard Deduction asks the same question but changed the qualifying date to January 2, 1954 instead.
Is this a typo in Turbotax 2020 and its calculations? or did the IRS change the rules for 2020?
The correct qualifying date for 2020 is 1956 as written on the Form 1040, "Were born before January 2, 1956". This will not impact your return in anyway. The calculations will be accurate.
The IRS allows an additional amount to be added to the standard deduction if a person is 65 or older. If a person is born on January 1st, they are allowed to be considered 65 on the day before their 65th birthday. This only impacts a person who is born on January 1st.
The correct qualifying date for 2020 is 1956 as written on the Form 1040, "Were born before January 2, 1956". This will not impact your return in anyway. The year will change each year on the Form 1040, next year it will show 1957.
The IRS allows an additional amount to be added to the standard deduction if a person is 65 or older. If a person is born on January 1st, they are allowed to be considered 65 on the day before their 65th birthday. This only impacts a person who is born on January 1st.
When viewing the Form 1040 in the print package and the "Preview My 1040" the correct date is displayed.
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