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Solved

Tennessee 65+ Exemption

Forum|Forum|7 years ago
June 6, 2019
3 replies
27 views

Our 1040 line 22 shows total income of $65,000. TN has an exemption for age 65+ taxpayers filing jointly who earn less than $68,000. Why does TurboTax show we owe $366 to the state?

Best answer by SweetieJean

For tax years beginning January 1, 2015, any person 65 years of age or older having a total annual income derived from any and all sources of $37,000 or less, or $68,000 or less for joint filers are completely exempt from the Hall tax.

That is not the same as Federal form 1040, line 22. Per TN, all income should be included, regardless of whether it is taxable for federal purposes. (This would include, for example, the nontaxable portion of Social Security income.) The income also should not be adjusted for any losses.

https://revenue.support.tn.gov/hc/en-us/articles/203859499-What-is-an-affidavit-for-exemption-for-Ha...

Alumni - Champ

TN does not have a state income tax. It has a Hall tax that is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock. Is that what you mean?

Answer

Alumni - Champ

For tax years beginning January 1, 2015, any person 65 years of age or older having a total annual income derived from any and all sources of $37,000 or less, or $68,000 or less for joint filers are completely exempt from the Hall tax.

That is not the same as Federal form 1040, line 22. Per TN, all income should be included, regardless of whether it is taxable for federal purposes. (This would include, for example, the nontaxable portion of Social Security income.) The income also should not be adjusted for any losses.

https://revenue.support.tn.gov/hc/en-us/articles/203859499-What-is-an-affidavit-for-exemption-for-Ha...

Level 2

Thank you! I see now that line 22 is not the deciding number.