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For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older OR blind are: $1,850 for single or head of household. $1,500 for married taxpayers (per qualifying ...
Here are additional 2024 standard deductions for those over 65 showing the IRS’s tax inflation adjustments: Joint filers and surviving spouses can deduct an additional $1,550 per person over 65.
However, some seniors may not be aware that this deduction is increased for those age 65 or older. For tax year 2023, the addition to the standard deduction for individuals 65 and older is $1,850 ...
Additional amounts are available for persons who are blind and/or are at least 65 years of age. [ 4 ] The standard deduction is distinct from the personal exemption , which was set to $0 by the Tax Cuts and Jobs Act of 2017 for tax years 2018–2025.
In 2020, the standard deduction is $12,400 for single taxpayers and $24,800 for married filing jointly. Married taxpayers who are 65 and older can each claim an extra $1,300 standard deduction (or ...
The official tax filing day in the U.S. is Tuesday, April 18 this year. And if you're trying to qualify for every deduction you can, you need to know what's available to you before you drop your ...
Itemizing your medical deductions can lower the amount of taxes you owe and give you a larger return than a standard deduction, if those out-of-pocket costs exceed 7.5% of your adjusted gross ...
The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest ...