Standard Irs Deductions
March 16th, 2011
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Question: irs.gov: Line 39a, by checking yes: born before 1942, what effect on the standard deduction?
Re. 39a, by checking yes to born before 1942, what effect does it have on my choice of the standard deduction…more or less than the 5,150
Answer: It will increase your standard deduction to $6,400. For full details check the instructions for form 1040 at the IRS website below. Page #35
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Tax news you need to know
March means that winter is finally coming to an end and the 2010 tax return filing deadline is a month away. Now is the time to gather all of your W-2s and 1099s to determine what income can be included on your 1040 and go through your checkbook and credit card statements to see what may deductible.
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