Standard Deduction

[Dd4841]

My 2023 federal tax return was married, filing jointly with both individuals over age 65. The boxes for older than 65 were checked on page 1 of the 1040-SR return. Turbotax calculated the standard deduction as 30,700 on line 12.

The 2023 standard deduction for a joint return was 29,200 with an additional $1500 per qualified individual. As both individuals in the joint return were qualified individuals, I thought the calculated standard deduction should be $32,200 not $30,700. It seems the software only added $1500 which applies to only one person over 65.

I am completing my 2024 return and am confused as to how Turbotax calculates the standard deduction for joint returns with both individuals over 65.
Thanks

[VolvoGirl]

It goes by the birthdates.  Go back to My Info or Personal and double check the dates.  

[MinhT1]

The standard deduction for tax year 2023 on your TurboTax return was correct. 

In 2023, the standard deduction for a couple filing jointly was $27,700. The additional deduction is $1,500 per person aged 65 and over is $1,500. So $27,700 + $1,500 +$1,500 = $30,700.

For 2024, the standard deduction has increased to $29,200. The additional deduction has increased to $1,550 per person. So your standard deduction for 2024 is $32,300 ($29,200 + $1,550 + $1,550).

[VolvoGirl]

Oh sorry, I should have checked your amounts before posting.   Those are for 2024.  Turbo Tax is right.

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 or 65 and over or blind

HOH 20,800 + 1,850 for 65 and over or blind

Joint 27,700+ 1,500 for each 65 and over or blind (both 30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind