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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.
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
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.
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 ...
Certain taxpayers aged 65 or older are eligible for the elderly credit, which is a tax break that could mitigate the amount of tax owed up to $7,500. To qualify for this credit include Individuals ...
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 ...
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.
At the same time, the contribution limit for a traditional or Roth IRA for tax year 2024 is $7,000, up from $6,500 for tax year 2023. Those 50 and older can contribute an additional catch-up ...