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My standard deduction is $12,700. Itemized deductions on Schedule A total $4,530. Why does Form 1040 line 40 show $15,200?
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June 6, 2019
7:56 AM
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If you and your spouse are 65 or older add $1250 for each of you to the standard deduction.
2017 Standard Deductions
Single $6350 (65 or older + $1550)
Married Filing Separately $6350 (65 or older + $1250)
Married Filing Jointly $12,700 (65 or older + $1250@)
Head of Household $9350 (65 or older + $1550)
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
June 6, 2019
7:56 AM
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MFJ should say 12700 plus 1250 times 2 if both are over 65 = 15200. I know that's what xmasbaby0 meant.
June 6, 2019
7:56 AM