turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts Biz Recordkeeping & 1099-NEC Filing! >> Event happening TODAY!!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dpdods
New Member

IRS says that Tier 1 railroad retirement benefits are 32,000 how and where do I change the standard deduction?

The standard deduction is 15,200, but since I am a railroad retiree, my deduction should be 32,000.  How do I correct the deduction amount?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Anita01
New Member

IRS says that Tier 1 railroad retirement benefits are 32,000 how and where do I change the standard deduction?

I think maybe you're thinking of how much of your benefits are tax free, but that has nothing to do with the Standard Deduction on your tax return.  That amount is based on your filing status, and age.  Once the program determines the amount of taxable income you have, taking into account how much of your retirement is taxable, then the Standard Deduction is subtracted from that number.

View solution in original post

2 Replies

IRS says that Tier 1 railroad retirement benefits are 32,000 how and where do I change the standard deduction?

Standard deduction on what form?  The Form 1040 Line 8?  If so, there is not separate standard deduction for a RR retiree on the Form 1040 Line 8.
Standard deductions for 2018

Single - $12,000 add $1,600 if age 65 or older or blind
Married Filing Separately - $12,000 add $1,300 if age 65 or older or blind
Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older or blind
Head of Household - $18,000 add $1,600 if age 65 or older or blind
Anita01
New Member

IRS says that Tier 1 railroad retirement benefits are 32,000 how and where do I change the standard deduction?

I think maybe you're thinking of how much of your benefits are tax free, but that has nothing to do with the Standard Deduction on your tax return.  That amount is based on your filing status, and age.  Once the program determines the amount of taxable income you have, taking into account how much of your retirement is taxable, then the Standard Deduction is subtracted from that number.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question