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February 2, 2024
Question

I read that for a couple who are over 65, the standard deduction is $32,300. Is that true? Thanks

  • February 2, 2024
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3 replies

February 2, 2024

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 2023 Form 1040.

 

 

 

 

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)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
April 11, 2025

I stand corrected I apologize 

DoninGA
April 11, 2025

Standard deductions for 2024

Single - $14,600 add $1,950 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older

IRS website - https://www.irs.gov/help/ita/how-much-is-my-standard-deduction

 

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

IRS website for tax year 2023 - https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023

February 2, 2024

the 2023 standard deduction for married filing jointly with both spouses 65 or older is $30,700.

 

For 2024 Forbes says it is $32,300. $29,200 + $3100 ($1550 per spouse over 65).

 

See 

 

2023:  https://www.irs.gov/publications/p554#f15102r01

 

and for 2024

 

https://www.kiplinger.com/taxes/new-standard-deduction-amounts-are-here

 

 

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February 2, 2024

2023 standard deduction MFJ is $27,700

if one taxpayer is over 65 add $1500 if both add $3000

if one is blind add $1500 if both are blind add $3000

the amount would be

$27.700 minimum

$29,200

$30,700

$32,200

$33,700  max