It’s another snow day in Philadelphia. Our last storm blew in on late Tuesday night leaving us with between 12 and 14 inches of snow. Schools are closed and in my little corner of the city, with our hilly, narrow streets, roads are still dicey at best.
So what does this have to do with taxes? It means my schedule is a little bit off this weekend (I have very, very needy, cabin-fevered kids). I am, therefore, deeming it “Ask the taxgirl” weekend. I’m digging through my inbox starting today – through Sunday – and hope to answer many of your questions. Check back often to see what’s new.
Oh, and did I mention the giveaway? There will be a surprise giveaway over the weekend, too, that you don’t want to miss.
So, grab a hot beverage and check in regularly!
Could you please tell me what the Standard Deduction (Line 40) is for a single person over 65 who doesn’t itemize but files f0rm 1040. The IRS used to put these numbers on the 1040 but now you have to read the instructions to find out. The instructions are very confusing. I think it should be $6,800 but am not sure.
Thank you for your help in this matter.
Leslie, for a single person, the standard deduction is $5700 for 2010. Assuming you’re not phased out, you’d add $1400 for being over age 65. So the total is $7100, not $6800.
Thank you. I wish the IRS could write in language normal people could undertand.
There’s a very straightforward publication available from the IRS to VITA/TCE volunteers called Publication 4012. This pub would have answered Leslie’s question easily. Unfortunately, I checked the IRS website, and you can’t download it directly. You have to take the whole Pub 4491-W training guide for volunteers — go out for dinner while it’s downloading!
Kelly, if you’re aware of a different IRS publication with the same information, it would be really helpful for people who do their own taxes.
Why is my federal withholding tax being increased out of my pension??
Thank you tax girl.
WA