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How can I tell on Turbo Tax if I'm getting the over 65 tax credit?

 
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How can I tell on Turbo Tax if I'm getting the over 65 tax credit?

It is not a credit.  If you are 65 or older you get an extra amount added to your standard deduction.

 

Look at your Form 1040.

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

How can I tell on Turbo Tax if I'm getting the over 65 tax credit?

assuming your filing status is single to get the credit for the elderly your adjusted gross income must be less than $17,500 and is computed on schedule R. However, over 65 you get a larger standard deduction. instead of $13,850 it's $15,700 and appears on line 12 of Form 1040SR

 

 

 

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