Form 1-A not calculating correctly

[Seaduck79]

My AGI is $185,319, Married filing jointly.  Senior deduction should be following this formula:

$12,000 - ((185,319 - 150,000) * .06).  That equals $9881.

Turbotax is calculating it at $7762.

[rjs · Accepted solution]

You are not using the correct formula for the deduction for seniors. On a joint tax return the 6% phase-out amount is applied separately to each spouse. Look at Schedule 1-A and follow the steps in Part V line by line. You will see how the calculation is done. TurboTax follows the instructions on the form.

[Seaduck79]

Thank you.  That seems a weird way to calculate it, but the arithmetic at least checks out that way.