Standard Deduction

Forum|Forum|1 year ago
April 1, 2025
3 replies
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My 2023 federal tax return was married, filing jointly with both individuals over age 65. The boxes for older than 65 were checked on page 1 of the 1040-SR return. Turbotax calculated the standard deduction as 30,700 on line 12.

The 2023 standard deduction for a joint return was 29,200 with an additional $1500 per qualified individual. As both individuals in the joint return were qualified individuals, I thought the calculated standard deduction should be $32,200 not $30,700. It seems the software only added $1500 which applies to only one person over 65.

I am completing my 2024 return and am confused as to how Turbotax calculates the standard deduction for joint returns with both individuals over 65.
Thanks

VolvoGirl

It goes by the birthdates. Go back to My Info or Personal and double check the dates.

MinhT1

The standard deduction for tax year 2023 on your TurboTax return was correct.

In 2023, the standard deduction for a couple filing jointly was $27,700. The additional deduction is $1,500 per person aged 65 and over is $1,500. So $27,700 + $1,500 +$1,500 = $30,700.

For 2024, the standard deduction has increased to $29,200. The additional deduction has increased to $1,550 per person. So your standard deduction for 2024 is $32,300 ($29,200 + $1,550 + $1,550).

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MB314

I spent nearly 2 hours last evening on the phone with 3rd level support to find out WHY my standard deduction on line 12 did not read $29,200 as written on the form, it rather read $32,300. I thought it was a bug. The last person suggested I start my taxes over. So I got up early this morning before work to do that - same result. Last minute desperation, since the call center doesn't open till 5 am PST, searched the web "Standard deduction married filing jointly $32,300" and BINGO - explanation. My wife and I both over 65. There is an additional $1550.00 each credit allowed by the IRS. I'm livid now, but at least on the path to finish my taxes. TWO suggestions: (1) In the software put information links or else let the user know WHY the standard deduction shows higher than what's printed on the form ($29,200), and (2) Train your people better to know or at least find answers in your own database. Competance over quantity a wiser choice. Kick the DEI.

VolvoGirl

Oh sorry, I should have checked your amounts before posting. Those are for 2024. Turbo Tax is right.

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 or 65 and over or blind

HOH 20,800 + 1,850 for 65 and over or blind

Joint 27,700+ 1,500 for each 65 and over or blind (both 30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind