Over 65 Tax Question

[Paladin2]

https://barackobama.com/contact/

[Larry Lucido]

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

[yetidog]

I am well north of 65 and never heard of an age exemption except for state (in this case, Texas) property taxes

[I Drive Too Fast]

https://www.irs.gov/individuals/seniors-retirees/tips-for-seniors-in-preparing-their-taxes

[greeneyes]

The exemptions were eliminated, but the standard deductions were nearly doubled.

[RetiredTexasVet]

See Post 5 below.

[Lonesome in Massachussets]

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.)

[ken in texas]

Check: Instructions for form 1040.

Page 40 has the chart to figure out the standard deduction, taking into account whether you're 65 or blind.

[Pontiac]

https://www.irs.gov/pub/irs-pdf/f1040sr.pdf

https://www.irs.gov/pub/irs-pdf/i1040sr.pdf

[sox_the_cat]

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.

[silverleaf]

Check the standard deduction
I think it was increased by $2500 if married filers are both over 65

[blueunicorn6]

Let me ask my Son.

He’s going to be an Accountant.

[TexasGator]

Read the 1040 Instructions.

[blueunicorn6]

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.

[Jamestown1630]

I probably used the wrong term - this is apparently an additional standard deduction. We do get an over-65 break on our state taxes, but that's clear on the state form.

I'm confused now; this is what the IRS site states, regarding taking the standard deduction instead of itemizing:

Your standard deduction consists of the sum of the basic standard deduction and any additional standard deductions for age and/or blindness. In general, the standard deduction is adjusted each year for inflation and varies according to your filing status, whether you're 65 or older and/or blind....

Additional Standard Deduction - You're allowed an additional deduction if you're age 65 or older at the end of the tax year.

[TIElniff]

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

[Paladin2]

"How am I supposed to impress this girl I’m talking to with you jabbering at me on the phone!”"

You should ask him if she has a friend....

[blueunicorn6]

You get your own girls.

I’m not some dang dating service for Free Republic.

[Jamestown1630]

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.