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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. [5]
Individual filers and heads of household will receive a standard deduction of $6,350 and $9,350, respectively, in 2017, up $50 from 2016. Couples filing jointly get a $100 year-over-year lift to ...
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 ...
The standard deduction for those over age 65 in 2023 (filing tax year 2022) is $14,700 for singles, $27,300 for married filing jointly if only one partner is over 65 (or $28,700 if both are), and ...
This is effectively a tax increase over time, as people move more quickly into higher brackets as their income rises; this element is permanent. [19] [20] The standard deduction nearly doubles, from $12,700 to $24,000 for married couples. For single filers, the standard deduction will increase from $6,350 to $12,000.
Larger Standard Deduction. Starting the tax year you turn 65, you can add a small amount to your standard deduction, which depends on the year and your filing status. ... Once you reach age 65 ...
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