Over 65 Tax Question

[jjotto]

1040 Instructions book

Page 35 Standard Deduction Chart for People...

Single over 65: $13,600 standard deduction

[texas booster]

The IRS moved the check box for over 65, along with a bunch of stuff.

Under your name at the top of the form is a box that states:

“You were born before January 2, 1954”

Check that and go to page 40 of the instructions. There is a worksheet there that basically states - starting with $24,000, add in $1,300 if over 65 or blind.

$26,600 then goes onto line 8 of the 1040, more if you or your wife are blind.

[Jamestown1630]

Well, as I see it, that page has to do with dividends and capital gains.

I did see that in previous years, there was a LINE 40 where you entered this additional standard deduction amount; but there’s no line 40 anymore.

[Pontiac]

Well you did say exemption in your post.

Try here. It says its automatic.

https://www.fool.com/retirement/2017/01/12/what-is-the-tax-credit-for-the-elderly-or-the-disa.aspx

[Jamestown1630]

Thanks, but this isn’t a tax credit.

[Deaf Smith]

"He's going to be a accountant"

I thought he was pre law?

Or was it pre med?

[Jamestown1630]

THAT’S IT!

That’s what I’ve been trying for hours to find.

Thanks very much!

[Intolerant in NJ]

The over 65 benefit is obtained in the increased standard deduction (assuming you don’t itemize) - line 8 on the new Form 1040 - note the instructions at the side of the page “If you checked any box under Standard deduction see instructions” - then check the instructions for that line to see the value of the increased deduction for those aged 65 and handicapped......

[Jamestown1630]

Thanks; jjotto directed me to page 35 of the instructions, and that’s what I just wasn’t seeing.

Thanks to everyone.

[blueunicorn6]

All three.

He’ll cut you open and then give you an itemized bill and sue you if you don’t pay up.

[Fresh Wind]

LOL!

[catnipman]

just spend $40 bucks on H&R Block tax software if you have a PC and let it walk you through everything.

(I like H&R Block better than TurboTax for many different reasons, but one of the main reasons is that H&R Block doesn’t try to shaft their customers every year like TurboTax does, trying a different shaft each year. I’m convinced the head of the TurboTax division must be a sociopath for trying to shaft customer every year.)

[ken in texas]

Well, as I see it, that page has to do with dividends and capital gains.

Oops... major keyboarding error. Should have been page 35, on the bottom.

[Jamestown1630]

Thanks.

I missed the part I needed because it’s on a page with a big heading of “Standard Deduction Worksheet for Dependents”. Neither of us are ‘dependents’, and the chart for ‘Born Before January 2, 1954’ has no bold heading; I thought it was just more stuff about dependents. It seems like poor formatting; but at least I’ve got it now.

(Speaking of formatting, I’m still looking for that ‘postcard-size tax form’...)

[Jamestown1630]

We’ve got such simple taxes, we’ve always done them ourselves. But I’d choose Block as well- they were always good in my ‘salad days’ when I needed them.

[Jamestown1630]

Thanks.

[TexasGator]

On 1040 in the margin:

Standard Deduction for— • Single or married filing separately, $12,000 • Married filing jointly or Qualifying widow(er), $24,000 • Head of household, $18,000 • If you checked any box under Standard deduction, see instructions

[Kickass Conservative]

There are no more Personal Exemptions.

There are only Standard Deductions or Itemized Deductions.

If you are 65 or older, you get an extra $1,300 Deduction, but it doesn’t help if you Itemize Deductions in excess of the Standard Deduction.

($12,000 Single plus the extra $1,300 for being an old geezer) Double that if Married filing Jointly.

[Jamestown1630]

Thanks; I used the wrong term. But someone did help me find the page in the instructions.

[Kickass Conservative]

It would have been the first time I could have used the extra Personal Exemption myself.

Bad timing for us 1953 Vintage Geezers.