Quicken Premier seems to have an error for Standard Deduction for 2023

Dale P Kramer

The standard deduction for 2023 for people over 65 should be $29,200. This is according to Kiplinger efile site. The program, version R46.12 Uses a standard deduction of $30,700. This would be correct if you check off the box " Blind" and "Over 65". I only checked over 65.

Why is the program using $30,700 when It seems it should be using $29,200 for the indicated scenario.

Please advise

Mark1104

Dale - the standard deduction for a couple that are BOTH over 65 OR blind is indeed $30,700.  It's $27,700 as the standard deduction for ANY married couple and then $1500 per spouse who is over 65 OR blind,  Please provide the link to KIplinger (or re-read it!) 

Can you state where you got $29,200 from? that appears to be a married couple where only ONE of the spouses is over 65. 

Dale P Kramer

here is the link to kiplinger: https://www.kiplinger.com/taxes/tax-deductions/602223/standard-deduction

Excerpt:

2022 Standard Deduction Amounts
For 2022 federal income tax returns, which will be due April 18, 2023, the standard deduction amounts are as follows:

Filing Status 2022 Standard Deduction
Single; Married Filing Separately $12,950
Married Filing Jointly; Qualifying Widow(er) $25,900
Head of Household $19,400
If you're at least 65 years old or blind, you can claim an additional 2022 standard deduction of $1,400 ($1,750 if using the single or head of household filing status). If you're both 65 and blind, the additional deduction amount is doubled.

Tax Changes and Key Amounts for the 2022 Tax Year

If you can be claimed as a dependent by another taxpayer, your 2022 standard deduction is limited to the greater of $1,150 or your earned income plus $400 (but the total can't be more than the basic standard deduction for your filing status).

2023 Standard Deduction Amounts
Even though you haven't filed your 2022 return yet, smart taxpayers will start keeping an eye on their 2023 return now. So, for the early birds out there, here are the 2023 standard deduction amounts.

Filing Status 2023 Standard Deduction
Single; Married Filing Separately $13,850
Married Filing Jointly; Qualifying Widow(er) $27,700
Head of Household $20,800
Taxpayers who are at least 65 years old or blind can claim an additional standard deduction of $1,500 is allowed for 2023 ($1,850 if you're claiming the single or head of household filing status). As with the 2022 standard deduction, the additional deduction amount is doubled if you're both 65 or older and blind.

volvogirl

Are you married and both over 65?  
27,700+1,500+1,500 = 30,700

Mark1104

well, I see the confusion....... 

"Taxpayers who are at least 65 years old or blind can claim an additional standard deduction of $1,500 is allowed for 2023 ($1,850 if you're claiming the single or head of household filing status). As with the 2022 standard deduction, the additional deduction amount is doubled if you're both 65 or older and blind."

The Kiplinger article inadvertantly uses "and" at the very end of the sentence, when it should state "or". they state it correctly in the first sentence.  see the two words I bolded.  

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