If you are age 65 or older then you will receive an increase in the Standard Deduction for your filing status.
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
For 2023, the standard deduction for MFJ with both spouses over 65 is $30,700.
For 2024 it will be $32,300 ($29,200 plus $1550 per spouse).
The software uses the age you enter in MY INFO and then automatically uses the standard deduction for your age. It goes by whether you were 65 as of the last day of the tax year.
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)
Is the additional amount already included as part of my standard deduction? If so, How does turbo tax identify that I am 65.
thanks.
TurboTax uses your birthdate to determine the amount of your standard deduction, so make sure it is entered correctly. @RF59
Your standard deduction will be increased by $1,950 or $1,550 (depending on your filing status) if you are over 65. see link below.
The date of birth you entered in MY INFO is used to determine if you get a higher standard deduction for age 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)