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For the tax year 2024, the standard deduction for a single taxpayer under the age of 65 is $14,600. If you're 65 or older, you can increase that amount by $1,950 to $16,550.
No state taxes on Social Security and pension income up to $20,000 (ages 55-64) and $24,000 (65 and older). Property tax exemption up to 50% of the first $200,000 of the value of a residence ...
New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from all sources of $2,400 for individuals. This tax is set to be phased out by ...
There’s also a new change to 401(k) contributions that could give older savers an even bigger tax break. Dubbed the super catch-up, workers aged 60 to 63 this year can make a catch-up ...
The so-called golden years can be financially challenging, but state and federal tax breaks can provide some silver linings. Find out what's available. 20 Valuable Tax Breaks for Seniors
The Tax Credit for the Elderly or Disabled allows low-income Americans ages 65 and older to claim a tax credit of $3,750 to $7,500, depending on your income, filing status and other factors.
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