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Level 2
posted Jan 28, 2023 12:51:15 PM

I just installed the new turbo tax, and it is telling me that my standard deduction is 25900 (married filing jointly) - but this is last year standard deduction!

This year standard deduction is $27,700 (married filing jointly)

0 6 564
1 Best answer
Level 15
Jan 28, 2023 1:05:14 PM

See this IRS news release: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022#:~:text=For%20single%20taxpayers%20and%20married,tax%20year%202022%2C%20up%20%24600.

6 Replies
Level 15
Jan 28, 2023 12:52:50 PM

Maybe you just installed the old TurboTax.

Level 15
Jan 28, 2023 12:53:54 PM

It goes by your date of birth---and uses your age at the end of 2022.   If you had a 2023 birthday and blew out 65 candles  in January, that does not count.

Level 2
Jan 28, 2023 12:57:37 PM

Can you please tell me how to calculate the standard deduction then? In 2022 I was 54years old.

Level 15
Jan 28, 2023 1:01:57 PM

$25,900 is the correct standard deduction for tax year 2022 when filing married filing jointly and under the age of 65.

Level 2
Jan 28, 2023 1:02:23 PM

Ok, I have to admit, Turbo Tax was right.

I have done the Standard deduction calculation though the official IRS tool:

https://www.irs.gov/help/ita/how-much-is-my-standard-deduction

 

And the result is the same given by TurboTax. 

Level 15
Jan 28, 2023 1:05:14 PM

See this IRS news release: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022#:~:text=For%20single%20taxpayers%20and%20married,tax%20year%202022%2C%20up%20%24600.