Today TaxMama® hears from Alice in the TaxQuips Forum with a valid question. “On line 39a of the Form 1040, if a box is checked, resulting in a deduction for those over 65 years old, where do we put the amount? And what line is it deducted on from?
The overall amount will go into box 40. Checking that box determines how much you will enter as a standard deduction.
These are the regular standard deductions:
Single $ 5,700
MFJ or QW $11,400
HOH $ 8,400
When you check box 39a, you get to add these additional deductions, which depend on the filing status:
Blind or 65 or older – add, per instance:
MFJ, MFS, QW $1,100
HOH or Single $1,400
So, if you are looking at single man who is over 65, his standard deduction would be:
5700 + 1400 = $7,100. If he were also blind, it would increase to $8,500.
Oh yes, line 40 is deducted from line 38, which is the line for the Adjusted Gross Income.
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