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Financial Planning / Tax Strategies
|Subject: Re: Standard deduction question||Date: 8/14/2010 1:31 PM|
|Author: TMFPMarti||Number: 110889 of 125700|
My wife and I are retired and we're both over 65.
In figuring out our standard deduction, the 1040 instructions lead me to a worksheet on page 36.
Line 1 is filing status; married filing jointly; I enter $11,400
Line 2: we can't be claimed as dependents on someone else's return so I go to line 3.
Bzzzz! Let's all look together at line 2. The worksheet says:
"No. Enter the amount from line 1 on line 4, skip line 3,
and go to line 5."
Go back and do it right and you'll get the right answer.
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