on my 1040-SR it shows my standard deduction is 16,550. i am over 65 should it not reflect 18,500?

[VolvoGirl]

16,550 is right for 2024.  The 18,500 is for next  year when you do your 2025 tax return.  

For 2024 the standard deduction amounts are:

Single 14,600 + 1,950 for 65 and over or blind (16,550)

HOH 21,900 + 1,950 for 65 and over or blind (23,850)

Joint 29,200 + 1,550 for each 65 and over or blind (30,750/32,300)

Married filing Separate 14,600 + 1,550 for 65 and over or blind (16,150)

[xmasbaby0]

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 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)

[VolvoGirl]

Oh I see what you did.  You added the >65 $1,950 to the 16,550.  The $16,550 already has the >65 added in.    The base Single amount for 2024 is 14,600.