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virma2016
New Member

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

 
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

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

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)

**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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15 Replies
xmasbaby0
Level 15

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

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)

**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.**
SweetieJean
Level 15

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

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
New Member

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

no, i am dong 2017 and what if only lists 6300 deduction even though my birthdate is in 1949.
xmasbaby0
Level 15

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

Double check the date of birth you entered and make sure the year is correctly entered.
**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.**
virma2016
New Member

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

i just reentered  the date again
SweetieJean
Level 15

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

$6300 was the number for 2016, not 2017.
SweetieJean
Level 15

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

Are you using an old desktop software?
virma2016
New Member

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

no to all your answers... the SD fro seniors in 2017 is 6350 + 1550 = 7900
xmasbaby0
Level 15

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

What tax year are you trying to prepare?  And where are you seeing the figure $6300?
**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.**
SweetieJean
Level 15

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

"i am dong 2017 and what if only lists 6300 deduction"
Critter
Level 15

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

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
New Member

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

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
New Member

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

what is the individual responsibility payment?
xmasbaby0
Level 15

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

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.
**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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