Wrong deduction

[Lelandw89]

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?

[xmasbaby0]

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

[VolvoGirl]

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

[MinhT1]

TurboTax is correct.

Please read this IRS document.

For tax year 2024, standard deductions are:

• $29,200 for married couples whose filing status is “married filing jointly” and surviving spouses;
• $14,600 for singles and married couples whose filing status is “married filing separately”; and
• $21,900 for taxpayers whose filing status is “head of household.”

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:

• $1,550 for married individuals; and
• $1,950 for singles and heads of household.

[DoninGA]

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