"TRUMP" Rebate ??

[KB7GPDave]

Where does the "TRUMP" rebate come in or is this just another fallacy?

Dave Robinson

[Mike9241]

There is no such thing. However, if you are 65 or older, there is an extra deduction of up to $6,000 (up to $12K if married and both 65 or older) computed on Schedule 1-A part V

[KB7GPDave]

Definitely over 65. How would I verify the deduction in TT? It really won't mater at this point, having filed already. Additionally, our standard deduction erased the IRS income tax this year. It would be nice to see where this would show up on our forms for future reference.

Thanks, DaveR

[VolvoGirl]

Check your 1040 or 1040SR line 13b.  That's where the extra 6,000 (12,000 Joint) shows up.

It is automatic based on your age. It is not part of your Standard Deduction. The new Senior Deduction is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. The 6,000/12,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b with any other sch 1-A amounts. Turbo Tax automatically includes it if you qualify. If you are married you have to file a Joint return.


For Online version You can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

If you are looking for the full $46,700 (34,700+12,000) it should be on 1040 line 14. What do you have on 1040 or 1040SR line 13b?
See the 1040 ….

[KB7GPDave]

Thank you. I just checked and verified the additional $12,000 exemption/deduction.

Is that only this year? Or on-going (depending)?

DaveR

[VolvoGirl]

It's until 2028.   And another thing starting next year when we file our 2026 tax returns there is a new charitable deduction up to $1,000 (for single filers and those married filing separately) or $2,000 (for married couples filing jointly) you can take with the Standard Deduction. It is not clear how that will work or where it will show up on the return.