MindyB
Employee Tax Expert

Deductions & credits

Yes, you are correct!  You could qualify for both.  

 

The senior deduction does phase out, since you are still working, this may apply to you: it begins phasing out at income of $75,000 for a single filer (or $150,000 married) and is completely phased out at income of $175,000 for a single filer (or $250,000 married).

 

You can check your senior deduction in TurboTax Online by navigating to Tax Tools on the left of your screen, choose Tools, then View Tax Summary. On the left of the screen, select Preview my 1040, and scroll to Schedule 1-A Part V.