Re: Should the Standard Deduction for Married Fili...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
rhw61
New Member

Should the Standard Deduction for Married Filing Jointly where both parties are over 65 be $27400 or $30000?

According to the chart, the answer for 4 exemption should be $30000 but Turbo Tax used $27400.
1 Reply
xmasbaby0
Level 15

Should the Standard Deduction for Married Filing Jointly where both parties are over 65 be $27400 or $30000?

There are no personal exemptions since the tax laws changed for 2018 and beyond.

 

The standard deductions for 2020 are as follows:

 

2020 Standard Deduction Amounts

 

Single $12,400   (+ $1650 65 or older)

Married Filing Separate  $12,400   (+ $1300 if 65 or older)

Married Filing Jointly $24,800   (+ $1300 for each spouse 65 or older)

Head of Household $18,650  (+ $1650 for 65 or older)

 

(Add $1300 for legally blind)

 

The age for the deduction is based on your age at the end of 2020.

**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.**
Dynamic AdsDynamic Ads
v
Privacy Settings