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A married couple of two 65+ adults would take a total deduction of $27,700 (standard deduction) plus $1,500 for one 65+ adult plus $1,500 for second 65+ adult — a total of $30,700.
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.
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.
By contrast, a person who wins $3,000 in various gambling activities during the year and loses $3,500 in other gambling activities in that year can deduct only $3,000 of the losses against the $3,000 in income, resulting in a break-even gambling activity for tax purposes for that year—with no deduction for the remaining $500 excess loss.)
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 ...
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