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It doesn't appear that we are getting the extra $12,000 deduction for being over 65

 
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rjs
Level 15
Level 15

It doesn't appear that we are getting the extra $12,000 deduction for being over 65

The deduction for seniors is not necessarily $12,000. That's the maximum amount if you are married filing jointly and both 65 or older. You might get less than the maximum, or nothing at all, depending on your income. The deduction is gradually reduced if your Modified Adjusted Gross Income (MAGI) is over $150,000 for married filing jointly. The deduction is reduced to zero if your MAGI is $250,000 or more if married filing jointly.


The deduction is calculated in Part V of Schedule 1-A. The amount of the deduction will be on Schedule 1-A line 37. The total deductions from Schedule 1-A will be on Form 1040 line 13b, which might include other deductions besides the deduction for seniors.

 

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rjs
Level 15
Level 15

It doesn't appear that we are getting the extra $12,000 deduction for being over 65

The deduction for seniors is not necessarily $12,000. That's the maximum amount if you are married filing jointly and both 65 or older. You might get less than the maximum, or nothing at all, depending on your income. The deduction is gradually reduced if your Modified Adjusted Gross Income (MAGI) is over $150,000 for married filing jointly. The deduction is reduced to zero if your MAGI is $250,000 or more if married filing jointly.


The deduction is calculated in Part V of Schedule 1-A. The amount of the deduction will be on Schedule 1-A line 37. The total deductions from Schedule 1-A will be on Form 1040 line 13b, which might include other deductions besides the deduction for seniors.

 

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