3696299
With the senior tax credit ,,im over 65 but my wife is 61 how will that work
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The spouse who is 65 or older gets the extra $6000 credit. Your 61 year old spouse does not get the credit. You can still file a joint return.
The spouse who is 65 or older gets the extra $6000 credit. Your 61 year old spouse does not get the credit. You can still file a joint return.
How does the senior tax credit work? Do you just take up to $6,000 (your tax liability) at the end of the return?
There is a new deduction for seniors under the bill. It will reduce your taxable income. The IRS will be revising forms to include a line to list the $6,000 credit and then subtract it from your taxable income.
For example: If you are in the 12% tax bracket it would reduce your taxes by $720.
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$6,000 is not a reduction in tax liability. It is a reduction of Taxable Income.
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