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Standard deduction for over 65
I turned 65 in 2016.....turbo tax is not giving me the correct 7600 deduction, its giving me a 4050 deduction
$4,050 is not your standard deduction, it is your personal exemption. You are looking in the wrong place. If you correctly entered your date of birth in the Personal Info area, then Turbotax has automatically increased your standard deduction to account for your age.
The Tax Reform Act of 1986 removed the extra personal exemption for being 65 or older, and replaced it with an increase in the standard deduction. If you are 65 or older, you get an increase of $1,250 (married), or $1,550 (single). Turbotax makes the adjustment automatically, based on the date of birth that you entered and your filing status.
The Tax Reform Act of 1986 removed the extra personal exemption for being 65 or older, and replaced it with an increase in the standard deduction. If you are 65 or older, you get an increase of $1,250 (married), or $1,550 (single). Turbotax makes the adjustment automatically, based on the date of birth that you entered and your filing status.
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