Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
john_logan18
New Member

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
1 Best answer

Accepted Solutions
jerry2000
Alumni

Standard deduction for over 65

$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.

View solution in original post

4 Replies
jerry2000
Alumni

Standard deduction for over 65

$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.

View solution in original post

Bsch4477
Level 15

Standard deduction for over 65

Look on line 40 of your Form 1040
4Gayle
New Member

Standard deduction for over 65

Do we no longer check a box for each individual and then another box for each one of age 65+, making 4 checked boxes for MFJ couple, both 65+?  That would be a standard deduction of 30,000, not 27,400.

macuser_22
Level 15

Standard deduction for over 65


@4Gayle wrote:

Do we no longer check a box for each individual and then another box for each one of age 65+, making 4 checked boxes for MFJ couple, both 65+?  That would be a standard deduction of 30,000, not 27,400.


There is no box to check.   It is automatic based on the date of birth entered in the personal information.

$27,400 is correct for filing joint and both over 65.  

$30,000 if both over 65 and both also legally blind.

 

2020 standard deductions

$12,400 Single
$18,650 Head of Household
$24,800 Married Jointly

 

Add an additional $1,300 for over age 65 or blind
This amount increases to $1,650 if the taxpayer is also unmarried.

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Dynamic AdsDynamic Ads
Privacy Settings
v