Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Why $6400 for 2 personal exemptions in 2005 when 1 of them was 65+, and AGI under the phaseout amount?

Because age doesn't affect personal exemptions. It affects the standard deduction.

I'm afraid we're dating ourselves. (In my case, no one else will.) Back when the earth was cooling over 65 meant an additional personal exemption, and Congress hadn't invented phaseouts. I don't remember exactly when they shifted it to the current system of an "enhanced" standard deduction for age and blindness, but it's been a while.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.