Tax credit for being 65 or over
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Tax credit for being 65 or over

Shouldn't we have an extra exemption for being 65 or older?
1 Reply
Level 15

Tax credit for being 65 or over

You get a higher standard deduction if you are 65 or older.  TurboTax will use the correct standard deduction for you based on the date of birth you enter in Personal Info.

2016 Standard Deductions

Single    $6300  (65 or older + $1550)

Married Filing Separately   $6300  (65 or older +  $1250)

Married Filing Jointly           $12,600  (65 or older + $1250@)

Head of Household $9300  (65 or older + $1550)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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