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Returning Member
posted Feb 14, 2020 5:24:23 PM

Standard deduction for married filing jointly with 2 over 65 should be 27400. What to do?

0 4 1502
4 Replies
Level 15
Feb 14, 2020 6:55:42 PM

It should be $27,000. 

Level 15
Feb 14, 2020 7:05:38 PM

The standard deduction for 2019 for married filing jointly is $24, 400.  Add an additional $1300 each for 2 over 65, and the total is $27,000.  See the TurboTax FAQ below for clarification.

 

What's my standard deduction? 

 

Maybe you're looking at the increased standard deduction for 2020?

 

 

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Level 3
Feb 14, 2020 7:08:22 PM

According to my research, it's $24,400 for married filing jointly and if you are over 65, each person gets an additional $1,300 (not $1,500).   Total deduction should be $27,000.  Hope that helps.

Level 15
Feb 14, 2020 7:11:56 PM

See IRS publication 501 top of page 2

https://www.irs.gov/pub/irs-pdf/p501.pdf