Why is what if is not properly calculating the standard deduction for seniors?

[xmasbaby0 · Accepted solution]

Not sure what you mean.  If you are 65 or older the program uses the date of birth you entered in My Info to calculate your standard deduction.  

2017 Standard Deductions

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly           $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)

[SweetieJean]

Are you thinking of the higher Standard deductions under the new tax law? Those go into effect for the 2018 tax year (returns filed in 2019).

[virma2016]

no, i am dong 2017 and what if only lists 6300 deduction even though my birthdate is in 1949.

[xmasbaby0]

Double check the date of birth you entered and make sure the year is correctly entered.

[virma2016]

i just reentered  the date again

[SweetieJean]

$6300 was the number for 2016, not 2017.

[SweetieJean]

Are you using an old desktop software?

[virma2016]

no to all your answers... the SD fro seniors in 2017 is 6350 + 1550 = 7900

[xmasbaby0]

What tax year are you trying to prepare?  And where are you seeing the figure $6300?

[SweetieJean]

"i am dong 2017 and what if only lists 6300 deduction"

[Critter]

Look at the form 1040 line 40 ... if it doesn't say 7900 then you may need to call TT support.

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

[virma2016]

thanks everyone it is now working but i am now also being asked to make an individual responsibility payment. is that for people who do not have health care coverage. i am obviously on medicare

[virma2016]

what is the individual responsibility payment?

[xmasbaby0]

If they are charging you a health care penalty you are answering something incorrectly in the healthcare section of the interview.  If you have Medicare, you DO have health insurance.