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January 31, 2024
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How do i know if im getting the 65 or older tax deduction ?

  • January 31, 2024
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Best answer by xmasbaby0

If you were 65 or older at the end of 2023, the higher standard deduction is automatically added to line 12 of your Form 1040.

 

PREVIEW 1040

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

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)

 

 

3 replies

xmasbaby0Answer
Employee
January 31, 2024

If you were 65 or older at the end of 2023, the higher standard deduction is automatically added to line 12 of your Form 1040.

 

PREVIEW 1040

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

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.**
JohnB5677
January 31, 2024

You can look at your tax return.  If you take the standard deduction, these are the values.

 

For single taxpayers and married individuals filing separately, the Standard Deduction is $13,850 in 2023. 

For married couples filing jointly is $27,700, and  

For heads of households, the Standard Deduction is $20,800

  

If you're at least 65 years old or blind, you can claim an additional deduction in 2023 of:

  • $1,850 for single or Head of Household
  • $1,500 for married or Qualified Surviving Spouse.
  • If you're both 65 and blind, the additional deduction amount is doubled. 

You can preview your tax return by going to:

 

  1. On the menu bar on the left that shows.
    1. Select Tax Tools
    2. On the drop-down select Tools
  2. On the popup menu
  3. Select View Tax Summary
  4. On the left sidebar
  5. Select Preview my 1040.
  6. Schedules 1,2&3 are included if you scroll down past your 1040.
  7. To return to the entry screens press Back on the sidebar.

Line 12 - Is your deduction amount

 

 

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Hal_Al
Employee
January 31, 2024

Enter you date of birth correctly, in the Personal info section, and you get it automatically.