turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

la6830
Returning Member

Standard deduction for 65+ and filing single for tax year 2023/24

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. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

Standard deduction for 65+ and filing single for tax year 2023/24

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

la6830
Returning Member

Standard deduction for 65+ and filing single for tax year 2023/24

Thank you for the quick response.

According to updated IRS guidelines the 65+ standard deduction for 2024 should be $1950.    $1850 was for 2023.

Standard deduction for 65+ and filing single for tax year 2023/24


@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

la6830
Returning Member

Standard deduction for 65+ and filing single for tax year 2023/24

Please disregard original post.  It was my error.

 

Thank you.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies