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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   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).

3. The Best Tax Deductions and Tax Breaks for 2024-2025 - AOL

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   27. Standard Tax Deduction. The standard deduction is a dollar-for-dollar reduction of your taxable income. Nearly all taxpayers are entitled to this deduction. The standard deduction amounts for ...

4. Tax Cuts and Jobs Act - Wikipedia

   en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act

   For single filers, the standard deduction will increase from $6,350 to $12,000. About 70% of families choose the standard deduction rather than itemized deductions; this could rise to over 84% if doubled. The personal exemption is eliminated—this was a deduction of $4,050 per taxpayer and dependent, unless it is in an estate or trust. [19 ...

5. Retirees Often Overlook These 11 Tax Deductions - AOL

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   Senior citizens age 70.5 and over who own an IRA can take advantage of tax-free qualified charitable distributions. They can transfer up to $100,000 per year, counting toward the required minimum ...

6. How all 50 states tax retirement income: A comprehensive list ...

   www.aol.com/finance/states-that-tax-retirement...

   For the 2024 tax year, Hawaii’s standard deduction doubles to $4,400 for single filers and $8,800 for married couples filing jointly. ... which is $46,381 in 2024. But the exemption amount is ...

7. Should you itemize or take a standard deduction on your tax ...

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   According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and ...

8. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   Eligible taxes include state and local income taxes, property taxes, and either state and local sales taxes or state and local general sales taxes. [8] To claim the deduction, taxpayers must itemize their deductions on Schedule A of Form 1040. There is a $10,000 limit on the SALT deduction, or $5,000 for a married person filing a separate ...

9. Retirees 65 and Older Eligible for Extra Standard Deduction ...

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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.