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

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

    Also: The Average Retirement Age in 2023 in the US vs Canada. ... If you are 65 or older AND blind, the extra standard deduction is: $3,700 if you are single or filing as head of household.

  3. Tax Filing: Head of Household Versus Single

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    Single filing status usually applies to unmarried taxpayers without dependents who live with them. ... The standard deduction also rises from $14,600 for single filers to $21,900 for heads of ...

  4. Taxes 2023: What's the standard deduction for people over 65?

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    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 ...

  5. Standard deduction - Wikipedia

    en.wikipedia.org/wiki/Standard_deduction

    For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).

  6. Head of household - Wikipedia

    en.wikipedia.org/wiki/Head_of_Household

    The head of household filing status was created in 1951 to acknowledge the additional financial burdens faced by single people caring for dependents. [ 3 ] [ 1 ] Consequently, it provides single parents and other people caring for qualifying dependents with a larger standard deduction and preferential tax rates compared to single filers ...

  7. Personal exemption - Wikipedia

    en.wikipedia.org/wiki/Personal_exemption

    The general rule is that a personal exemption may be taken for a dependent that is either a qualifying child or a qualifying relative. § 152(a). However, there are several exceptions to this rule. Taxpayers who are claimed as dependents of others cannot themselves claim personal exemptions for their qualifying dependents. § 152(b)(1).

  8. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

    www.aol.com/finance/10-tax-deductions-know-2023...

    Say, for example, you earned $100,000 last year and plan to take the standard deduction as a single filer. This lowers your taxable income to $87,050. Instead of paying tax on $100,000 in income ...

  9. Moritz v. Commissioner - Wikipedia

    en.wikipedia.org/wiki/Moritz_v._Commissioner

    (a) General rule.-There shall be allowed as a deduction expenses paid during the taxable year by a taxpayer who is a woman or widower, or is a husband whose wife is incapacitated or is institutionalized, for the care of one or more dependents (as defined in subsection (d) (1)), but only if such care is for the purpose of enabling the taxpayer ...

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