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If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year.
Discover how the extra standard deduction for those 65 and older can lower your taxable income. Learn eligibility and calculation methods.
Standard deductions for taxpayers over 65. Taxpayers get a higher standard deduction when they turn 65 or are blind. If you are both, you get double the additional deduction.
deduction for taxpayers who are blind or age 65 or older, as well as special rules that limit the standard deduction available to dependents. In addition, this section helps you decide whether you would be better off taking the standard de-duction or itemizing your deductions. How To Get Tax Help explains how to get tax help from the IRS.
The IRS has released the standard deduction amounts for the 2024-2025 tax year. Find the new rates and information on extra benefits for people over 65.
The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or $30,700 if both are)...
Taxpayers who are blind or at least age 65 can claim an additional standard deduction of $1,500 per person for 2023 (up from the $1,400 in tax year 2022) or $1,850 if they are unmarried and not a surviving spouse.
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.
For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
For taxpayers 65 or older, you can add $1,500 to your standard deduction for 2023 if you are married. This increases to $1,850 if you are unmarried or a surviving spouse (age 65 or older in...