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2. Tax-Deductible HSA Contributions. Senior citizens can also benefit from a tax deduction for health savings account contributions. Deposits made directly to an HSA can be claimed, but keep in ...
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.
2024 tax year — 35% of Social ... 2026 tax year — 100% of Social Security benefits allowed as deduction. Before this decision, only seniors making up to $50,000 a year — or $100,000 if ...
Michigan’s flat state income tax rate rose for 2024 to 4.25%, and the law surrounding the state’s pension deduction also changed, as part of a phaseout of the state’s three-tier retirement ...
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 ...
Under the recent tax law, the deductibility of state and local tax payments for federal income tax purposes is now limited to $10,000 — or $5,000 for married taxpayers filing separately — in a ...