Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
the 2023 standard deduction for married filing jointly with both spouses 65 or older is $30,700.
For 2024 Forbes says it is $32,300. $29,200 + $3100 ($1550 per spouse over 65).
See
2023: https://www.irs.gov/publications/p554#f15102r01
and for 2024
https://www.kiplinger.com/taxes/new-standard-deduction-amounts-are-here
2023 standard deduction MFJ is $27,700
if one taxpayer is over 65 add $1500 if both add $3000
if one is blind add $1500 if both are blind add $3000
the amount would be
$27.700 minimum
$29,200
$30,700
$32,200
$33,700 max
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
IRS website - https://www.irs.gov/help/ita/how-much-is-my-standard-deduction
Standard deductions for 2023
Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older
IRS website for tax year 2023 - https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023
The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)