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Business & farm
As long as you meet the qualifications for the senior deduction, it is automatically applied to your tax return. You don't need to enter anything into Schedule 1-A. The software will apply the correct deduction.
Qualifications:
- Age: You must be 65 or older by the end of the tax year (e.g., born before Jan 2, 1961, for 2025 returns).
- Income Limits: Your Modified Adjusted Gross Income (MAGI) must be below certain thresholds (e.g., $175k single, $250k joint for 2025), with deductions phasing out above those levels.
- Benefit: Up to $6,000 (single) or $12,000 (joint) Additional standard deduction to reduce taxable income.
- The deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Once applied, you can see the information for the Senior Deduction is reflected on Schedule 1A, Part V, Line 37
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