Posted on 01/21/2019 5:41:43 PM PST by Jamestown1630
I've been wracking my brain trying to figure out a change in my tax situation, and hope that I'm just stupidly missing something.
I turned 65 last year, and I only learned today that I should be eligible for an increased exemption on my federal taxes - it appears to be $1,300 for our situation.
But when I look at the 1040 form, I can't see where you enter that amount, or see a line for it. There's a box to check if you turned 65, but I don't see what you do after that.
Our taxes have always been very simple (obviously) and I'm assuming there's some kind of schedule or other form for this; but I can't find one that addresses it among those on the IRS site.
Apologies if this is a very stupid question, but if anyone can enlighten me I'd be grateful. All the answers I'm finding are older and refer one to form 1040A - which doesn't exist anymore.
You did two things wrong:
You didn’t post this under News.
You didn’t say “My times valuable [sic].
Now this thread will never get pulled like the one asking about reading advice!
j/k
I am well north of 65 and never heard of an age exemption except for state (in this case, Texas) property taxes
The exemptions were eliminated, but the standard deductions were nearly doubled.
See Post 5 below.
I’ve been using TurboTax (yea, I’m lazy) last few years, but if I recall correctly, somewhere along you are asked to multiply some number (like $650 ) by the numbers of lines checked on line 7 or wherever it is that you started checking boxes. It may not be obvious at first.
Does that make sense? See where you use the number of boxes checked (includes a line for blind, iirc.)
Page 40 has the chart to figure out the standard deduction, taking into account whether you're 65 or blind.
yes, the exemption has been removed. The standard deduction is 12k for individual, 24k for married joint. 65 or over get an additional 1,300 per individual. So married joint, both 65 or older would get a 26,600 standard deduction.
Check the standard deduction
I think it was increased by $2500 if married filers are both over 65
Let me ask my Son.
He’s going to be an Accountant.
Read the 1040 Instructions.
Here’s his answer:
“Quit calling me! How am I supposed to impress this girl I’m talking to with you jabbering at me on the phone!”
Hope that helped.
The deduction for personal exemptions is suspended for the tax ears 2018 through 2025.
BUT: The standard deduction for 2018 is $24,000 (Married, filing jointly) with an additional $1,300 for those 65 or older (married filing jointly).
This is a change from 2017. In 2017 the standard deduction was $12,700 (MFJ) with $4,050 per person personal exemption. That would total $20,800 for two persons (MFJ). This year the standard deduction is $24,000 with no personal exemption. (Plus the $1,300 of course).
Source: The Tax Book, 2018 edition. thetaxbook.com
You should ask him if she has a friend....
You get your own girls.
I’m not some dang dating service for Free Republic.
Thanks, but this isn’t a credit. It’s an additional standard deduction. None of the terms on that form seem to apply to us.
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