I turned 65 in November 2024, but turbotax has entered my standard deduction as $16,550. instead of the $1950. How do i fix this? Or I will have to leave turbotax.

There is nothing to fix.  You are just confused.    If you are single and 65 or older, your standard deduction is $14,600 + $1950 = $16,550

 

You still get the normal standard deduction for your filing status PLUS an extra amount for being 65 or older.

 

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)

 

 

$16,550 = $1,950 (65 or older) PLUS $14,600 (single).

 

Ref https://apps.irs.gov/app/vita/content/00/00_13_005.jsp

$14,600 (regular standard deduction) + 1950 (for being 65+) = $16,550.  TurboTax is doing it correctly. 

Thank you, yes, I was confused. I was thinking it was 19,500. I was supposed to get as a deduction. Thanks for your help