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.
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.
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
1040 Instructions book
Page 35 Standard Deduction Chart for People...
Single over 65: $13,600 standard deduction
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.
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......
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.)
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.
"What About Tax Deductions? Seniors who fill out Form 1040SR must take the standard deduction. Remember that if you're 65 or over, you are entitled to an additional $1,300. For an individual, that would raise the standard deduction to $13,300 for tax year 2019, the first year you can use the form. For a married couple, if one is 65 or over the deduction would rise to $25,300. And if both are: $26,600."
See your Tax Adviser to be sure.
Looks like 1040SR is to come. I didn’t find it on the IRS website.