So the single standard deduction is 15,000 but turbo tax has it at 14,600. So it puts me owing more taxes. I checked previous years as well and it was wrong. So turbo tax cost me a couple hundred for the last three years. How do I fix this?
Not sure where you are getting your standard deduction amounts.
Your standard deduction lowers your taxable income. 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)
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
2022 STANDARD DEDUCTION AMOUNTS
SINGLE $12,950 (65 or older + $1750)
MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)
MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)
HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)
Legally Blind + $1750
2021 STANDARD DEDUCTION AMOUNTS
SINGLE $12,550 (65 or older + $1700)
MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)
MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)
HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)
Legally Blind + $1350
That is the new amount for 2025 that we file next year in 2026. Each year changes so the prior years were right.
For 2024 the standard deduction amounts are:
Single 14,600+1,950 for 65 and over or blind
HOH 21,900 + 1,950 for 65 and over or blind
Joint 29,200 + 1,550 for each 65 and over or blind (both 32,300)
Married filing Separate 14,600 + 1,550 for 65 and over or blind
TurboTax is correct.
Please read this IRS document.
For tax year 2024, standard deductions are:
The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:
The Standard Deduction for tax year 2024 when the filing status is Single - $14,600
IRS Publication 501 Table 1 page 2 - https://www.irs.gov/pub/irs-pdf/p501.pdf$page=2