Hello-
I turned 65 last year and for the first time didn't have enough deductions to itemize so turbotax recommended taking the standard deduction which I did. I'm now working on my 2024 taxes. After reviewing the 2023 and 2024 senior deductions I'm a bit confused. For 2023 the senior standard deduction filing single was $1,850. But after reviewing my 2023 taxes, I noticed turbotax gave me a standard deduction of only $15,700. For this year (2024) the senior standard deduction is $1950 but my tax form (still in progress) is only showing $16,550. I'm using turbotax on-line so calculations should be current according to my age. What am I missing?
Thank you.
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Standard deductions for 2024
Single - $14,600 add $1,850 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
Thank you for the quick response.
According to updated IRS guidelines the 65+ standard deduction for 2024 should be $1950. $1850 was for 2023.
@la6830 wrote:
Thank you for the quick response.
According to updated IRS guidelines the 65+ standard deduction for 2024 should be $1950. $1850 was for 2023.
Age 65 or older the Standard Deduction is amount shown for the filing status PLUS $1,950.
Go to this IRS website where you can enter your information and it will give you the Standard Deduction and you can select the tax year - https://www.irs.gov/help/ita/how-much-is-my-standard-deduction
Please disregard original post. It was my error.
Thank you.
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