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Starting in tax year 2023, retired taxpayers age 67 or older have the option to choose the calculation method that is most bene.... You may choose either the standard deduction or the phase-in subtraction method.
- The standard deduction method is capped at $40,000 for those married filing jointly.
- The phase-in subtraction method is based on the amount of private pension limits, which total $98,84.... Under this method, your total benefits received are compared to this limit, and you may deduct the lesser of the two amounts.
Based on your return, TurboTax determined that the phase-in subtraction method (Worksheet 3.3, Section D of Form 4884) was the most beneficial deduction for you to take.
