Why doesn’t Turbo Tax use the $1950 standard deduction for a single senior age 68? They are using $1650.

The standard deduction for 2024 for those over 65 and single is $14,600 plus $1950 for a total of $16,550.

 

@LexiCodyMartin 

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.

 

 

 

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

 

 

If you are filing Single and are 65 or older, add $14,600 + $1950  = $16,550