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D
dclrktx
January 29, 2024
Solved

I'm 65 and my standard deduction did not increase as shown in the example, why?

  • January 29, 2024
  • 2 replies
  • 0 views
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Best answer by VolvoGirl

How much is showing?  In what example?

 

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

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

 

2 replies

VolvoGirl
VolvoGirlAnswer
Employee
January 29, 2024

How much is showing?  In what example?

 

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

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

 

    D
    dclrktxAuthor
    January 31, 2024

    Thanks for responding. I realized afterward that my deduction was increased and it was correct. Thank you again!

    M
    MonikaK1
    January 29, 2024

    As shown in the information shared by @VolvoGirl above, the additional amount is different depending on your filing status. 

     

    In addition, you're considered to be 65 on the day before your 65th birthday (for tax year 2023, you're considered to be 65 if you were born before January 2, 1959).

     

    If you input itemized deductions, you will receive the benefit of them on your return instead of the standard deduction if they are higher.

     

    See IRS Tax Topic 551 for more information.

     

    @dclrktx 

     

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