2024 Tax Planner Incorrect Standard Deduction

owl1161
owl1161 Quicken Windows Subscription Member ✭✭
edited March 11 in Budgeting and Planning Tools (Windows)

UPDATED: The standard deduction is correct for 2024. My tax planner was on tax year 2025.

2024 Tax Planner for Quicken Classic Deluxe has the incorrect standard deduction for married filing jointly and one over 65. It is calculating the standard deduction as $31,600. According to the IRS, it should be $30,750 ($29,200 + $1,550).

2024 standard deduction.png
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Best Answers

  • Boatnmaniac
    Boatnmaniac Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    Are you sure you have the 2024 Tax Planner pulled up? Since it is now 2025, each time you open Quicken Tax Planner defaults to 2025, not 2024. If you want to see 2024 you need to change the year from 2025 to 2024.

    For me and my wife, where I am 65+ but my wife is not, I am seeing $30,750 for 2024 and $31,600 for 2025….both as they should be.

    image.png

    Quicken Classic Premier (US) Subscription: R61.20 on Windows 11 Home

  • Boatnmaniac
    Boatnmaniac Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited February 11 Answer ✓

    @Lenn - The 2025 std deduction for married filing jointly where both spouses are <65 yrs old is $30,000.

    The higher deduction amounts are if one or both of you are 65+ yrs old which provides you an additional deduction amount. If you and/or your spouse are 65+ then you need to check the box(es) for that as shown in this picture.:

    image.png

    Quicken Classic Premier (US) Subscription: R61.20 on Windows 11 Home

Answers

  • Boatnmaniac
    Boatnmaniac Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    Are you sure you have the 2024 Tax Planner pulled up? Since it is now 2025, each time you open Quicken Tax Planner defaults to 2025, not 2024. If you want to see 2024 you need to change the year from 2025 to 2024.

    For me and my wife, where I am 65+ but my wife is not, I am seeing $30,750 for 2024 and $31,600 for 2025….both as they should be.

    image.png

    Quicken Classic Premier (US) Subscription: R61.20 on Windows 11 Home

  • owl1161
    owl1161 Quicken Windows Subscription Member ✭✭

    Boatnmaniac you are correct. My tax planner was on tax year 2025 ☹️.

  • Lenn
    Lenn Member ✭✭

    I also am see incorrect amounts for the standard deduction. The year selected in 2025 and we file jointly. The standard deduction that is populated is only $30,000. Why the difference? What am I doing wrong?

  • Boatnmaniac
    Boatnmaniac Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited February 11 Answer ✓

    @Lenn - The 2025 std deduction for married filing jointly where both spouses are <65 yrs old is $30,000.

    The higher deduction amounts are if one or both of you are 65+ yrs old which provides you an additional deduction amount. If you and/or your spouse are 65+ then you need to check the box(es) for that as shown in this picture.:

    image.png

    Quicken Classic Premier (US) Subscription: R61.20 on Windows 11 Home

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