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K
kayemoore23
March 18, 2024
Question

Taxes checked Single and the box with age over 65. Forms from TT, the standard deduction is not using the 17550 from Form 1040SR but uses the 15700. What is wrong?

  • March 18, 2024
  • 1 reply
  • 0 views
When checking both Single and over 65, I thought that I qualified for the $17550 instead of $15700 on standard deduction.  Why does TT not put in the $17550 but uses the $15700?

1 reply

DoninGA
DoninGA
Employee
March 18, 2024

The program software uses the Standard Deduction for tax year 2023, not the Standard Deduction for tax year 2024 that will be in effect next year for the 2024 tax return.

 

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

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