Why I am getting $18,580 listed as my standard deduction filling single when the proper amount is $14,600 for 2024?

[alejandro-torres-velazquez]

I completed both the income and deductions & credits sections and the website shows this amount. It was showing the correct amount 2 days ago when I started the process.

[xmasbaby0]

Are you 65 or older ?  Filing Single?    Legally blind?    If both---that would explain $18,500

The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[ThomasM125]

It may be that you entered enough itemized deductions to get over the standard deduction amount, so you are actually receiving the itemized deduction. You would have to look on your Schedule A to verify that. You can do that as soon as you pay for your TurboTax product. 

[alejandro-torres-velazquez]

I am single, 58 years old and not blind. I started the filling process on Sunday and the page was showing the correct amount of $14,600 as my standard deduction. I continued today adding some more entries into the deductions and credits section and when I was done, the system changed the standard deduction to $18,580 even though I didn't change any info for me. The funny part is that If I use the "explain these deductions" option, the side bar lists the proper $14,600 as the standard deduction expected for my status. But the tax calculation still shows the $18,580 as my std. deduction. 

[alejandro-torres-velazquez]

I don't think that's the case, as both amounts are listed side by side on the website once you are done with your deductions. On Sunday, my standard deduction was showing the correct amount of $14,600 and my itemized was a little under (around $13,000) but I was missing some entries to add in the deductions and credits section. After I was done with those entries, my itemized deduction went up to $17,300 but the standard deduction changed from $14,600 to $18,580.

[DawnC]

You  can deduct EITHER the standard deduction or itemized deductions.    TurboTax will apply the higher amount of the two numbers.   Preview your tax return, what number is on line  12?     Are the side by side numbers you are seeing possibly a comparison between 2023 and 2024?  

Preview Form 1040 in TurboTax Online. 

Use Forms Mode if you are using the desktop software.

How to Switch Deductions

[alejandro-torres-velazquez]

I reverted the entries I did today on the Deductions and Credits section, and the standard deduction was changed back to the correct amount of $14,600 so the issue with the change is directly related to the new entries alone. I am adding entries related to damaged property not fully covered by insurance, and this is what's making the standard deduction going higher. I still don't know why though.

[DawnC]

It is not changing your standard deduction amount, it is changing the amount of your itemized deductions.   Casualty and thefts losses are itemized deduction, deducted on Schedule A with your other itemized deductions.  

Lost or Damaged Property

IRS Topic 515

[alejandro-torres-velazquez]

That's the interesting part: my itemized deductions amount changes accordingly to my entries as expected - i fully understand that - but the standard deduction listed on the left side of the itemized deduction amount when the website compares both so you can choose which one you want to use also changed. Both amounts, the standard and the itemized deductions change when I add the entries related to loss due to a disaster. I understand that the itemized will change, but I don't see why the standard deduction also changes. But now that I found what's causing the change, I just need to do a little research about the proper way to add those entries for loss due to a disaster. I may be causing the change myself if I am not following the proper way to add those entries. 

[TNP1]

I am also single, over 65, and my standard deduction was 21,500. I have no idea why. I have no dependent. It happened when my standard state sales tax was calculated. I did not itemize.

[TNP1]

Same here, I had damage not covered by insurance. Standard deduction 21,500. I hope that's right.

[Mike9241]

have absolutely no idea.

for 2024 it should be 14600 + 1950 for being over 65 and if legally blind an additional 1950 but that only comes to 18500 max for line 12 on the 1040

[GAb25]

I'm having a similar issue. When I put in a loss due to a hurricane it changed my std deduction and says I should use the std. But, the number is definitely higher than the std by quite a bit.

[BrittanyS]

Is the Schedule A reported with your return? The IRS allows an increased standard deduction by filing a Schedule A if you have incurred a loss due to a natural disaster.  Here is what the IRS states, "Increased standard deduction reporting.  If you have a net qualified disaster loss and aren’t itemizing your deductions, you can claim an increased standard deduction using Schedule A (Form 1040) or Schedule A (Form 1040-NR), by doing the following."

See the link below for more information:

• Form 4684