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fan1942
New Member

TurboTax has made an error calculating the phaseout for my Senior Refund. How do I get it corrected?

My MAGI is $250,000, so the phaseout amount is $100,000, therefore my refund should be $6000. (.06x100,000). TurboTax is calculating $4982
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4 Replies
MarilynG1
Employee Tax Expert

TurboTax has made an error calculating the phaseout for my Senior Refund. How do I get it corrected?

The phase-out amount for the Senior Deduction is 150K for MFJ.  Check the calculations on Schedule 1-A, Part V.  

 

@fan1942 

 

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TurboTax has made an error calculating the phaseout for my Senior Refund. How do I get it corrected?

Are you Single or Married?  The phaseout  for Single starts at 75,000.  What is your AGI on 1040 line 11b?  I can put it into my spreadsheet.  Phaseout means the Senior Deduction starts getting reduced at 75,000 for Single or 150,000 for Joint.   If your AGI is 250,000 then you are at the Max and shouldn't get the 6,000 at all.   

 

For Single the deduction starts to phase out at 75,000 and maxes out at 175,000
For Joint the deductions starts to phase out at 150,000 and maxes out at 250,000

 

For Single with AGI of 92,000 I show $4,980 deduction

For Joint with 1 over 65 I show AGI of 167,000 = $4,980

For Joint with both over 65 is AGI of 208,500 = $4,980

TurboTax has made an error calculating the phaseout for my Senior Refund. How do I get it corrected?

I worked up a table of the AGI Phaseout amounts.   This should help you see how much Deduction you should get on 1040 line 13b.    For Single the Phaseout starts at over 75,000 AGI and for Married starts at over 150,000. 

 

SS 6000 Table.jpg

fan1942
New Member

TurboTax has made an error calculating the phaseout for my Senior Refund. How do I get it corrected?

I figured out the problem -- it is the way "MAGI" is determined.  The MAGI for the Senior Refund uses as different formula than the MAGI used for Medicare.  I was using the Medicare formula.  My mistake.

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