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I am trying to figure out why Turbo tax is only giving me $15700 deduction when I am over 65 and it should be $18500?

 
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3 Replies

I am trying to figure out why Turbo tax is only giving me $15700 deduction when I am over 65 and it should be $18500?

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

I am trying to figure out why Turbo tax is only giving me $15700 deduction when I am over 65 and it should be $18500?

I don't know what chart you are looking at ... but $13850 + $1850 = $15700 all day long.

 

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

I am trying to figure out why Turbo tax is only giving me $15700 deduction when I am over 65 and it should be $18500?

You might be looking at the Standard Deduction amounts for 2024 we file next year.  

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