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Why am I not getting the deduction of $18,500 rather than $15,700 for single and 65 or older?

How can I file so I get this ?
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1 Best answer

Accepted Solutions
VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Why am I not getting the deduction of $18,500 rather than $15,700 for single and 65 or older?

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 for 65 and over or blind (15,700)

HOH 20,800 + 1,850 for 65 and over or blind (22,650)

Joint 27,700 + 1,500 for each 65 and over or blind (29,200/30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind (15,350)

 

$18,500 isn't even for the 2024 amounts.  For 2024 next year the standard deduction amounts are:
Single 14,600 + 1,950 for 65 and over or blind (16,550)

HOH 21,900 + 1,950 for 65 and over or blind (23,850)

Joint 29,200 + 1,550 for each 65 and over or blind (30,750)

Married filing Separate 14,600 + 1,550 for 65 and over or blind (16,150)

View solution in original post

2 Replies
BillM223
Employee Tax Expert

Why am I not getting the deduction of $18,500 rather than $15,700 for single and 65 or older?

The standard Deduction for a Single filer 65 and over is $15,700 according to Pub 17, on page 96.

 

Where did you find $18,500?

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VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Why am I not getting the deduction of $18,500 rather than $15,700 for single and 65 or older?

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 for 65 and over or blind (15,700)

HOH 20,800 + 1,850 for 65 and over or blind (22,650)

Joint 27,700 + 1,500 for each 65 and over or blind (29,200/30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind (15,350)

 

$18,500 isn't even for the 2024 amounts.  For 2024 next year the standard deduction amounts are:
Single 14,600 + 1,950 for 65 and over or blind (16,550)

HOH 21,900 + 1,950 for 65 and over or blind (23,850)

Joint 29,200 + 1,550 for each 65 and over or blind (30,750)

Married filing Separate 14,600 + 1,550 for 65 and over or blind (16,150)

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