How is the age allowance calculated on income of $38.000 + , is there a chart anywhere ?
I had entered $6916 since I am over 65 years of age , turbo tax changed it to a different amount to $$5672 i WOULD LIKE TO KNOW HOW THAT WAS CALCULATED
01899
1 Best answer
TonyC11
Level 6
Oct 29, 2019 6:37:55 PM
Age amount is reduced by 15% of the amount your Net Income exceeds a base amount, which is currently around $34750.
1 Replies
TonyC11
Level 6
Oct 29, 2019 6:37:55 PM
Age amount is reduced by 15% of the amount your Net Income exceeds a base amount, which is currently around $34750.