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Joint filers and surviving spouses can deduct an additional $1,550 per person over 65. Single filers and heads of households can deduct an additional $1,950. Claiming a standard deduction means ...
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.
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 ...
Standard deduction in 2023 70-year-old single individual $13,850 + $1,850 = $15,700 40-year-old single individual who is blind $13,850 + $1,850 = $15,700 Married couple, ages 78 and 80, one of whom is blind $27,700 + $1,500 + $1,500 + $1,500 = $32,200 Dependent who earns $200 in 2023 $1,250 (minimum standard deduction for dependents)
The new year is a great time to restore your finances. For many Americans, holiday downtime is the right time to set new spending and saving goals, review budgets and establish retirement accounts ...
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
Nevada exempts $605,000 in equity from sale on execution, but for homesteads for which allodial title has been established and not relinquished, the exemption extends to all equity in the homestead. [4] New Mexico has a $150,000 exemption. Alaska has a $54,000 exemption. Colorado has a $200,000 exemption, or $250,000 for people who are over 60 ...
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 ...