Standard deduction over 65

[Vicki67]

1. When i completed the 2024 tax forms, they gave me a standard deduction of $16,550 as a single over age 65.  But when i went to the IRS website, it stated that if you are single or a surviving spouse over the age of 65, the standard deduction is $19,550.  Am i missing something or did the program not pick up that i should have received a higher standard deduction?

[xmasbaby0]

You misunderstood the amounts.   If you are single, your standard deduction for 2024 is $14,600.  Then if you are 65 or older, you get an extra amount---->$1950.   So $14,600 + !950 =  $16,550

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)

[Vicki67]

thank you.  I did try to go back and find that note again and was unsuccessful.  

[Lourdes deroxas]

What is the right standard deduction for a widow, living alone over 65 years old?

[xmasbaby0]

@Lourdes deroxas

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)

[CatinaT1]

Yes, you only qualify as a surviving spouse if you have a child dependent.