Alert 2024 Tax Planner does not use the correct standard deduction for married seniors

JeffreyJ

I am using Quicken Classic Version R57.26 Build 27.1.57.26

While using the 2024 Tax Planner I discovered it is not using the correct IRS Standard Deduction for married Seniors. It uses $32,300. According to IRS Publication 505 for 2024 the correct amount should be $29,200 plus $1,550. The Tax Planner value of $32,300 was correct for 2023 but not for 2024 and is not adjustable. I believe the correct 2024 value for married seniors should be $30,750.

markus1957

You are mistaken. It's $1,550 for each person over age 65 so if both boxes are checked for over 65, it is $32,300 ($29,200 +$1,550 + $1,550). Your reference to the 2023 value is also incorrect.

https://www.irs.gov/irb/2023-48_IRB#REV-PROC-2023-34