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New Member
posted Apr 15, 2024 3:40:35 PM

How much is the extra deduction for over 65,? Why isn't it included

Standard deduction for over 65 years old

0 2 1982
2 Replies
Level 15
Apr 15, 2024 3:44:55 PM

If you were 65 or older at the end of 2023 it is added automatically to line 12 of your Form 1040.

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 2023 Form 1040.

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

 

PREVIEW 1040

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

Expert Alumni
Apr 15, 2024 3:45:50 PM

There is an additional $1850 added to the standard deduction (though not separately itemized) based on the birthday entered in the My Info section of TurboTax.  For one filer, you would see either $15,700 for single or married filing separately or $22,650 for head of household filers. 

For joint filers where one spouse is 65 or older the amount would be $29,550 and where both are 65 or older $31,400.

You can check your standard deduction by clicking on Tax Tools then Tools and then selecting View Tax Summary.