MADISON, Wis. (WRN) — Wisconsin senior citizens could be eligible for more tax breaks this year.
That’s according to IRS spokeswoman Stacy Engle.
“It is in addition to the normal senior standard deduction under the existing tax code. The eligible individual is $6,000. For a married couple that are both over 65, the deduction would be an additional $12,000,” Engle said. “A lot of folks don’t understand when they have other sources of income outside of Social Security, the more they make, their Social Security can become taxable. So basically, what this does is, it reduces the amount of Social Security that is taxable on those tax returns.”
There’s a new form included on the standard 10-40 this season that you’ll need to fill out to claim the deduction, but any standard e-filing program will handle that for you. Find out more online at IRS.Gov.