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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax ...

3. A Guide to Tax Breaks for Medical Expenses for Seniors - AOL

   www.aol.com/guide-tax-breaks-medical-expenses...

   In 2020, the standard deduction is $12,400 for single taxpayers and $24,800 for married filing jointly. Married taxpayers who are 65 and older can each claim an extra $1,300 standard deduction (or ...

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

   www.aol.com/retirees-65-older-eligible-extra...

   The standard deduction amounts for 2023 are $27,700 if you’re married filing jointly (an increase of $1,800 from 2022), $20,800 for heads of households (a $1,400 gain) and $13,850 for single ...

5. Retirees Often Overlook These 11 Tax Deductions - AOL

   www.aol.com/retirees-often-overlook-11-tax...

   Before 2020, individuals who were 70.5 years of age or older were not eligible to make regular contributions to traditional IRAs. ... the addition to the standard deduction for individuals 65 and ...

6. 6 Hidden Tax Breaks for Retirees - AOL

   www.aol.com/finance/6-hidden-tax-breaks-retirees...

   When you hit age 72, or age 70 1/2 if you are 70 1/2 before January 1, 2020, the IRS requires that you start taking required minimum distributions from your retirement savings in qualified plans ...

7. Seniors and Taxes: Is There an End in Sight? - AOL

   www.aol.com/im-senior-ever-stop-filing-130049547...

   If you’re married filing jointly and both 65 or older, that amount is $28,700. ... you are entitled to a higher standard deduction. A single filer over 65 gets an extra $1,750 deduction, a ...

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

   www.aol.com/news/itemize-standard-deduction-tax...

   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 ...

9. What Are the 2020-2021 Federal Tax Brackets and Tax Rates? - AOL

   www.aol.com/finance/2020-2021-federal-tax...

   Tax bracket thresholds for 2021 increased by about 1% over 2020 levels, which are listed below. ... Married Couples Filing Jointly. 10%: $0-$19,900 ... The standard deduction for joint filers ...