- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 2015 return had $8000 on line 42; should it be $12600 if MFJ? Instructions: "If line 38 is $154950 or less, multiply $4000 by number on 6d" My 38 is $158371; pls help
Line 42 also said "Otherwise, see instructions." Where are the instructions?
Topics:
June 6, 2019
4:40 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No. Line 42 is for exemptions. Exemptions in 2015 were $4000 per person (this year, $4050 per person). So, $8000 on line 42 makes sense.
$12,600 was the standard deduction for MFJ in 2015. That would be on line 40 of the 2015 1040. If your itemized deductions exceeded the standard, your amount would be higher.
$8000 is the most you could have on line 42 for 2 people, so there's nothing about your question which suggests a problem of any kind.
June 6, 2019
4:40 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The instructions for line 42 (2015) can be found on the worksheet on page 41 of the pub below:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-prior/i1040gi--2015.pdf">https://www.irs.gov/pub/irs-prior/i1040gi--2015...>
There's not much possibility that Turbo Tax made a mistake with this, I have to say. Its a basic calculation.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-prior/i1040gi--2015.pdf">https://www.irs.gov/pub/irs-prior/i1040gi--2015...>
There's not much possibility that Turbo Tax made a mistake with this, I have to say. Its a basic calculation.
June 6, 2019
4:40 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Thanks! I'm a novice at this & glad for your link.
June 6, 2019
4:40 AM