senior deductions for big beautiful bill

[denjack79]

did a draft of taxes and my married filing jointly deduction is 34700(31500 plus 1600 plus 1600)

did not give me any of the 6000 income reduction in big b. bill.

I am just slightly  over 150k gross income ..all of ss and savings income.

is it not loaded in yet??

[VolvoGirl]

It is automatic based on your age. It is not part of your Standard Deduction. The new Senior Deduction is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. The 6,000/12,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. Turbo Tax automatically includes it if you qualify. If you are married you have to file a Joint return.


For Online version you can preview the 1040
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

See the 1040…….

S

[denjack79]

my retirement income is 165k but my deduction  still only shows 34700.about finished with taxes and cant find it.

[VolvoGirl]

It’s not included in the 34,700 Standard Deduction on 1040 line 12e.  It is listed separately on line 13b.   What do you have on 13b?   You are in the phaseout amount from 150,000 to max 250,000 so your Senior Deduction will be less than 12,000 for Joint.

[bfamily9]

I am not an expert. However I think I saw somewhere that the senior credit for a single taxpayer has an income limit of $75,000 and married couple of $150,000.

[VolvoGirl]

Those are for the phase out amounts.

For Single the deduction starts to phase out at 75,000 and maxes out at 175,000
For Joint the deductions starts to phase out at 150,000 and maxes out at 250,000
If you are married you have to file a Joint return

Heres a spreadsheet I made.   It exactly matches the IRS and Turbo Tax.   If you give me your AGI I can plug it into my sheet.

,

[AmeliesUncle]

@VolvoGirl   I love your picture!  It is a great response to a question that is frequently asked.