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

[rhw61]

According to the chart, the answer for 4 exemption should be $30000 but Turbo Tax used $27400.

[xmasbaby0]

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.