hi, first time here. Not sure of protocol but any guidance is appreciated. My issue/question: It appears that TurboTax form 1116 line 18 calculation is not adjusting for the Enhanced Deduction for Seniors of $6000. Instructions read: Individuals: Enter the sum of (i) Form 1040, 1040-SR,
or 1040-NR, line 11b, minus Form 1040, 1040-SR, or
1040-NR, line 14, and (ii) Schedule 1-A (Form 1040),
line 37.
the calculated amount does not deduct line 37 from schedule 1-A.
should i override the calculated amount or request a verification and, if needed, a fix from Turbotax?
Thank you,
Onway
You'll need to sign in or create an account to connect with an expert.
you're misinterpreting what that line 18 is asking for (guess the IRS guy/gal writing the instructions never took an English grammar course but then (s)he may have been restrained by space limitations. I'll try to clarify.
line 11b
less line 14 (it already contains line 13b which includes line 37 from schedule 1-A)
and (add back) line 37 from schedule 1-A that's included in line 13(b) on the 1040. Otherwise, you'd be subtracting it twice
so if 11b was 150,000
and line 14 was 20,000 (includes line 13b which is line 38 from Schedule 1-A. there could be other things included in line 38 other than the senior deduction
and line 37 from Schedule 1-A was 5000 - the senior deduction only
then line 18 of the 1116 is 150,000-20000+5000 or $135,000
a better way might have been to say sum lines 11 and 13b and subtract line 14
you're misinterpreting what that line 18 is asking for (guess the IRS guy/gal writing the instructions never took an English grammar course but then (s)he may have been restrained by space limitations. I'll try to clarify.
line 11b
less line 14 (it already contains line 13b which includes line 37 from schedule 1-A)
and (add back) line 37 from schedule 1-A that's included in line 13(b) on the 1040. Otherwise, you'd be subtracting it twice
so if 11b was 150,000
and line 14 was 20,000 (includes line 13b which is line 38 from Schedule 1-A. there could be other things included in line 38 other than the senior deduction
and line 37 from Schedule 1-A was 5000 - the senior deduction only
then line 18 of the 1116 is 150,000-20000+5000 or $135,000
a better way might have been to say sum lines 11 and 13b and subtract line 14
Thank you
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
lbthering
New Member
jjelensk
New Member
jaylyn-morell
New Member
jud5451
New Member
stevencharlesjenkins
New Member