Senior tax bracket income planning
What is the greatest amount of income that a married senior couple can earn BEFORE taking their maximum married filing jointly senior deduction without going over the 12% tax bracket?
I am calculating this to be:
MAX EARNINGS MFJ @ 12% $96,950
TOTAL OVER 65 MFJ STAND DEDUCTION
$46,700
Adding these two together equal
$96,950+$46,700= $143,650.
So, is $143,650 the most my spouse and I can earn when filling jointly as seniors while using the appropriate standard deductions without going over the 12% bracket?
Terry Says
I would suggest you talk with your accountant or financial advisor — as not all income is considered equally in determining tax brackets — with Social Security benefits being the main example.
