- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Why do you think it's wrong? Are you married? That's a common misunderstanding. If you are both over 65 and in the phaseout amount, the reduction is subtracted from each spouse's 6,000.
The maximum deduction is $6,000 for each person 65+. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). The MAGI is normally the same as your AGI on 1040 line 11 but with some Foreign items from Form 2555 added back in. On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse. You can not get it if you file MFS Married filing Separate.
Here's IRS Schedule 1-A You can fill it out by hand. Should be easy.
I also have a spreadsheet that might help or if you tell me your AGI and Single or Joint I can enter it into my spreadsheet.