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My wife and I are filing jointly, have no dependents, and no…

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My wife and I...

My wife and I are filing jointly, have no dependents, and no itemized deductions. I would like to use the 1040E-Z form, but our total taxable income comes to just over $100,000. However, it seems that we are entitled to a $12,000 exemption. Which would bring us under $100,000. I looked at the 1040E-Z form but couldn't find a place to enter the exemption. Am I right about the exemption, does it figure into the total prior to the calculation of the taxable income, and where do I enter it? Thanks for any help you can give me.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

No, I don't think so. Do you need my name?

Submitted: 19 days ago.Category: Tax
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4/2/2018
Tax Professional: Barbara, Enrolled Agent replied 19 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,778
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You will enter $20,800 on Line 5. This represents the standard deduction of $12,700 plus two exemptions @ $4050--one for each of you.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 18 days ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,778
5,778 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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