We have just downloaded the 2025 Lacerte program. I have entered some data to determine how the bonus deduction will work and it's not. Is this deduction an update that will be done later?
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You should post your question in the Intuit Accountants Community.
This is the TurboTax community. You should post your question about Lacerte in the Lacerte Tax community.
Was the $6,000 temporary bonus automatically entered in Turbo Tax program
It should be automatic. 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. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it if you qualify.
1040 Schedule 1-A, page 2 Part V Enhanced Deduction for Seniors
@MiamiVice99 wrote:
Was the $6,000 temporary bonus automatically entered in Turbo Tax program
Are you referring to the deduction for seniors? TurboTax automatically enters it in your tax return, based on the birth date that you entered in your personal information. The maximum deduction is $6,000. It may be reduced or eliminated based on your Modified Adjusted Gross Income (MAGI), as calculated in Part I of Schedule 1-A.
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