Accountant Forums


Reply
Thread Tools

Over-65 Exemption?

 
 
Art
Guest
Posts: n/a
Thanked:
 
      09-09-2003, 06:12 AM
Just a question:

Did there use to be an extra Federal 1040 exemption for
being blind or age 65?

Or am I, having lived in several states, remembering these
exemptions from a state return and just imagining they used
to be Federal too?

Will appreciate any wisdom on these mysterious exemptions
and their disappearance, if any.

Art

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
Herb Smith
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:40 AM
(Art) wrote:

> Just a question:
>
> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?
>
> Or am I, having lived in several states, remembering these
> exemptions from a state return and just imagining they used
> to be Federal too?
>
> Will appreciate any wisdom on these mysterious exemptions
> and their disappearance, if any.


There is currently no extra EXEMPTION amount for being over
65 or blind, but rather an increased STANDARD DEDUCTION for
same. Of course, if you itemize, you get no benefit from the
higher standard deduction.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
Helen P. OPlanick EA
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:40 AM
> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?


It left us about 1986 or so. But there was one.

Helen, EA in PA
Member of The Tax Gang
President, PA Society of Enrolled Agents
Campaigning for NAEA Board of Directors - Looking for YOUR vote

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
John H. Fisher
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:40 AM
(Art) writes:

> Just a question:
>
> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?
>
> Or am I, having lived in several states, remembering these
> exemptions from a state return and just imagining they used
> to be Federal too?
>
> Will appreciate any wisdom on these mysterious exemptions
> and their disappearance, if any.


There are additional allowances for those over Age 65. The
amounts have increased for 2003 but, for an idea of how it
works, based on 2002 allowances, "The additional amount for
age will be allowed if you are age 65 or older at the end of
the tax year. You are considered to be 65 on the day before
your 65th birthday. Therefore, you can take the additional
amount for 2002 if your 65th birthday was on or before
January 1, 2003.

The additional amount for blindness will be allowed if you
are blind on the last day of the tax year.

For example, a single taxpayer who is age 65 and legally
blind would be entitled to a basic standard deduction of
$4,700 and an additional standard deduction amount of
$2,300, which is $1,150 for being age 65 and $1,150 for
being blind. The total standard deduction would be $7,000.

If you or your spouse were 65 or older or blind at the end
of the year, be sure to claim the additional standard
deduction amounts by checking the appropriate boxes on Form
1040A (PDF) or Form 1040 (PDF). The additional standard
deduction amounts cannot be claimed on Form 1040EZ (PDF).

Certain individuals are not entitled to the standard
deduction. They are:

A married individual filing a separate return whose spouse
itemizes deductions,

An individual who was a nonresident alien or dual status
alien during any part of the year; or An individual who
files a return for a period of less than 12 months due to a
change in his or her annual accounting cycle."

"Jack" - John H. Fisher -
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Rich Carreiro
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:40 AM
(Art) writes:

> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?


There *is/are* (note present tense) exactly such an
exemption(s), and have been for years.

--
Rich Carreiro

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Bill
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:59 AM
Art asked:

> Did there use to be an extra Federal 1040
> exemption for being blind or age 65?
> Or am I, having lived in several states,
> remembering these exemptions from a state
> return and just imagining they used to be
> Federal too?
> Will appreciate any wisdom on these
> mysterious exemptions and their
> disappearance, if any.


First, Art, they aren't exactly extra "exemptions" -- but
rather, additions to the "standard deduction." You'll find
them immediately after the AGI at top of page 2 on 1040 and
1040A forms. There are boxes to check if the TP (or Spouse,
if MFJ) are 65 or blind -- and the total number of boxes
checked (both MFJ TPs could be 65 and blind) is then
multiplied by a number which is supplied (Last year it was
$1150) -which is added to the normal standard deduction to
arrive at a new total.

Actually, all of this "math" is done for TPs in the
instructions, where a chart is provided showing the correct
total standard deduction for typical TP situations.

This "special treatment" is often forgotten, since it
doesn't apply to or affect those who itemize deductions.

Bill

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Phil Marti
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:59 AM
(Art) writes:

> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?
>
> Or am I, having lived in several states, remembering these
> exemptions from a state return and just imagining they used
> to be Federal too?


At one time the Federal return gave extra personal
exemptions, but that was replaced with the standard
deduction add-ons some years ago.

Phil Marti
Topeka, KS

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Arthur Kamlet
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:59 AM
Art <> wrote:

> Just a question:
>
> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?
>
> Or am I, having lived in several states, remembering these
> exemptions from a state return and just imagining they used
> to be Federal too?
>
> Will appreciate any wisdom on these mysterious exemptions
> and their disappearance, if any.


Yes, indeed, in the far distant past, when dinosaurs still
roamed the earth, there was an additional personal
exemption.

Now there is a much smaller increase to the standard
deduction.

Nothing if the taxpayer finds it better to itemize.

__
Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
John O'Brien
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:59 AM
"Art" <> wrote:

> Just a question:
>
> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?
>
> Or am I, having lived in several states, remembering these
> exemptions from a state return and just imagining they used
> to be Federal too?
>
> Will appreciate any wisdom on these mysterious exemptions
> and their disappearance, if any.


Your recollection is correct.
Before 1986, persons 65 or over got an additional personal
exemption. Since that time the tax break for such people
has taken the form of an addition to the standard deduction.
Therefore, no break for seniors who itemize deductions.
The same applies to the blind.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
Shagnasty
Guest
Posts: n/a
Thanked:
 
      09-10-2003, 06:59 AM
"Art" <> wrote:

> Just a question:
>
> Did there use to be an extra Federal 1040 exemption for
> being blind or age 65?
>
> Or am I, having lived in several states, remembering these
> exemptions from a state return and just imagining they used
> to be Federal too?
>
> Will appreciate any wisdom on these mysterious exemptions
> and their disappearance, if any.


Yes there used to be extra exemptions for age and blindness.
They were replaced by increases in the Standard deductions
about 1986.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off



All times are GMT. The time now is 11:49 PM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.