I have started my taxes but the extra is not showing on my standard deduction...only the standard deduction. I am over 65, filing head of household with 2 dependents. Any reason why???
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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.
Nothing about Social Security has changed. It can still be taxable. There is a new Enhanced Senior Deduction. This deduction is intended to provide tax relief for seniors and is in addition to the existing Standard Deduction or your Itemized Deductions. Expires December 31, 2028.
The maximum deduction is $6,000 for each person 65+. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). The MAGI is normally the same as your AGI but with some Foreign items from Form 2555 added back in. On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse.
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.
Nothing about Social Security has changed. It can still be taxable. There is a new Enhanced Senior Deduction. This deduction is intended to provide tax relief for seniors and is in addition to the existing Standard Deduction or your Itemized Deductions. Expires December 31, 2028.
The maximum deduction is $6,000 for each person 65+. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). The MAGI is normally the same as your AGI but with some Foreign items from Form 2555 added back in. On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse.
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