Where's the new deduction for Senoirs?

[Paddywakk]

Jurisdiction

Idaho

Idaho

So we've all been hearing/reading about this extra deduction for seniors of up to $6000. I'm filling out the forms now (I like to complete the 1040 on paper before doing it online), and I'm not seeing it. Am I wrong? It's not discussed in the 1040 instructions, either. Will the software automatically calculate the new deduction amount? TIA

 

[adjusterjack]

It's on Schedule 1-A. second page.

https://www.irs.gov/pub/irs-pdf/f1040s1a.pdf

 

[Tax Counsel]

Will the software automatically calculate the new deduction amount? TIA

The good software programs will. The bad ones might not. You didn't way what program you're using so this is the best answer I can give. Like any other product, you need to do your homework and understand what it will do and how reliable it is. All tax software is NOT equal.

 

[adjusterjack]

I tested this with a MAGI of 20,000

Line 31 20,000
Line 32 75,000
Line 33 20,000 minus 75,000 = Less than 0 - 6,000 goes on line 35
Line 34 0 x .06 = 0
Line 35 6,000 minus 0 = 6,000
Line 36a 6,000
Line 37 6,000

I feel sorry for anybody filling out I through IV.

 

[Paddywakk]

Thanks, everyone!