The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Standard deduction question Date:  8/14/2010  1:31 PM
Author:  TMFPMarti Number:  110889 of 127549

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.

Rule Your Retirement Home Fool
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us