You (and/or your spouse if married filing a joint return) may subtract up to $5,000 of certain retirement income if:
- You (or your spouse if married filing a joint return) were 65 years of age or older on December 31, 2017, and
- Your federal adjusted gross income (line 1 of Form 1) is less than $15,000 ($30,000 if married filing a joint return).
If married filing a separate return, the sum of both spouses’ federal adjusted gross incomes must be less than $30,000.
TurboTax will calculate the exclusion for you.
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