Question

Isn't there an additional deduction for being over 65 years of age?

Forum|Forum|1 year ago
October 9, 2024
2 replies
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isn't there an additional standard deduction for being over 65 years of age in addition to the standard deduction of 30,000 ?

TurboTax Deluxe Online

DoninGA

If you are age 65 or older then you will receive an increase in the Standard Deduction for your filing status.

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

X

xmasbaby0

The software uses the age you enter in MY INFO and then automatically uses the standard deduction for your age. It goes by whether you were 65 as of the last day of the tax year.

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.**