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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.
Higher standard deduction for age (65 or older). 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 on the day before your 65th birthday.
Here’s what that means: If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. Standard Deduction:...
For 2024 (tax returns typically filed in April 2025), the standard deduction amounts are $14,600 for single and for those who are married, filing separately; $29,200 for those married filing...
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.
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)...
* If you were born before January 2, 1959, you're considered to be 65 or older at the end of 2023. (If your spouse died in 2023, see Death of spouse, later. If you're preparing a return for someone who died in 2023, see Death of taxpayer, later.) ** Gross income means all income you receive in the form of money, goods,
You're considered to be 65 on the day before your 65th birthday (for tax year 2023, you're considered to be 65 if you were born before January 2, 1959). You're allowed an additional deduction for blindness if you're blind on the last day of the tax year.
For 2023, the standard deduction is $13,850 for individuals, $27,700 for joint filers, and $20,800 for heads of household. In 2024, those amounts rise to $14,600, $29,200, and $21,900, respectively. Certain taxpayers—like those who are blind or 65 and older—get a higher deduction, while dependents might receive a lower one. Example: a ...
Kelly Phillips Erb. Top Marginal Tax Rates. Your marginal tax rate determines what you pay when you receive the next dollar of income—it represents the highest tax rate you pay for the year.