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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 ...
Per the IRS, the standard deduction amount for tax year 2022 (filed in 2023) is $12,950 for single filers, $25,900 for married couples and $19,400 for heads of household. For tax year 2023 (filed ...
The standard deduction provides individuals with a certain threshold below which income is not taxed. However, some seniors may not be aware that this deduction is increased for those age 65 or older.
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
Larger Standard Deduction. ... for the 2024 tax year, the standard deduction for a single taxpayer stands at $14,600 and $29,200 for joint filers. ... the threshold for seniors aged 65 or older ...
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.
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. ... U.S. Tax Return for Seniors, the standard deduction is on page 4.
Use your bigger standard deduction: If you’re 65 or older and you don’t itemize deductions, you are entitled to a higher standard deduction. A single filer over 65 gets an extra $1,750 ...