For 2016, we are filing married jointly; what is the credit for one being 65?

[Hal_Al · Accepted solution]

There is a credit for the elderly or disabled (you don't have to be both). But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) will automatically calculate it. It is not a refundable credit. That is, you must have a tax liability to offset to get the credit. Very few people, with that little income have an actual tax to offset. 

 Having any social security income at all works against you. Essentially your potential credit is reduced by any tax you "shoulda paid” on the untaxed Social security income. If you have more than $5000 social security ($7500 Married Filing Jointly and both are elderly or disabled) or VA benefits you will not qualify for the credit.

If you think you qualify, and TT missed it, In TurboTax (TT), enter at:

Federal Taxes Tab 

Deductions & Credits

“I’ll choose what I want to work on” button

-Scroll down to:

--Other deductions & Credits

  -Elderly or Disabled credit

See schedule R for detailed calculations. http://www.irs.gov/pub/irs-pdf/f1040sr.pdf

http://www.irs.gov/publications/p524/ar02.html#en_US_2014_publink100038693

[VolvoGirl]

You get an increase in the Standard Deduction on 1040 line 40.  

Joint Standard Deduction is $12,600
and you get an extra $1,250 for each spouse 65+
So one person over 65 would give you $13,850

Or you take your Itemized Deductions, whichever is more.  If you itemize you don't get any credit for being 65 or older.

[SweetieJean]

Some states have additional deductions and/or credits on the State return.

[janiceblackwell54]

Thank you very much for the information. It was very helpful.

[xmasbaby0]

@janiceblackwell54

2020 Standard Deduction Amounts

Single $12,400   (+ $1650 65 or older)

Married Filing Separate  $12,400   (+ $1300 if 65 or older)

Married Filing Jointly $24,800   (+ $1300 for each spouse 65 or older)

Head of Household $18,650  (+ $1650 for 65 or older)