First be sure you have the correct birth date for each spouse. Follow that by checking your income level (see amounts below and in an earlier post).
Next you can preview your tax return because it's not part of the standard deduction. It is a separate deduction from income and not a credit. See the instructions below to check for it on your tax return.
To qualify, the following must apply:
- If your income is above $75,000 ($150,000 if Married filing jointly) the bonus deduction decreases by $.06 for every dollar over the relevant amount.
- This deduction is available whether you itemize or take the standard deduction.
- If your filing status is married filing separately you are not eligible for this deduction.
- This bonus deduction is ONLY for those over 65, it does not apply to those who are blind and under 65.
Please update here if you need further assistance and we will help.
@MRinSC
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