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posted Apr 8, 2021 1:40:50 PM

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.

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1 Replies
Level 15
Apr 8, 2021 1:44:40 PM

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.