Hello; Normally I would post the question in the off-topic thread but that is closed. A shame. Anyway, I could not sleep last night so I sat down and did a first run thru of my tax return.
Turned out to have some interesting outcomes after an initial disappointing result. This for folks over 65 years of age mainly. I do not itemize so take the standard deductions. The first run thru wound up with me owing over $800.
I had heard of a thing called the enhanced deduction for seniors but did not catch anything about it in that initial run thru. After some more detailed reading I found a reference on page 110 of the 1040 (and 1040-SR) instructions booklet. By the way I get that booklet at a local library but this year they do not have the preprinted forms. Had to go online to a GOV site to print the forms.
Turns out you need to get Schedule 1-A and work it out. A new to me thing. The gist of this post is if I ran the numbers correctly such will save something like $1200 this return. I intend to run thru the whole thing again to be sure. If it works out, I am pleased about getting to keep more of my own money.
I do have a general question on social security taxes. I have been hearing how many seniors will not have to pay tax on their social security payments. In the first run thru I did not find anything different from prior years. I did the worksheet and it came out the same as previous years. I need to look further on that, but welcome input.
Turned out to have some interesting outcomes after an initial disappointing result. This for folks over 65 years of age mainly. I do not itemize so take the standard deductions. The first run thru wound up with me owing over $800.
I had heard of a thing called the enhanced deduction for seniors but did not catch anything about it in that initial run thru. After some more detailed reading I found a reference on page 110 of the 1040 (and 1040-SR) instructions booklet. By the way I get that booklet at a local library but this year they do not have the preprinted forms. Had to go online to a GOV site to print the forms.
Turns out you need to get Schedule 1-A and work it out. A new to me thing. The gist of this post is if I ran the numbers correctly such will save something like $1200 this return. I intend to run thru the whole thing again to be sure. If it works out, I am pleased about getting to keep more of my own money.
I do have a general question on social security taxes. I have been hearing how many seniors will not have to pay tax on their social security payments. In the first run thru I did not find anything different from prior years. I did the worksheet and it came out the same as previous years. I need to look further on that, but welcome input.
