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How to change standard deduction from 27, 500 to 30,700?

turbo tax only lets you claim 27,500 standard deduction
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How to change standard deduction from 27, 500 to 30,700?

Your standard deduction is higher if one or both spouses on a joint return are 65 or older, or if someone is legally blind.  It goes by your age at the end of 2023---not by a birthday you recently had in 2024.  Check your dates of birth as entered in My Info.

 

 

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)

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

How to change standard deduction from 27, 500 to 30,700?

It goes by the birthdate you entered under My Info.  Are you both over 65?

 

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

 

How to change standard deduction from 27, 500 to 30,700?

Are both of you age 65 or older Married Filing Jointly?

 

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

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