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2. Retirees Often Overlook These 11 Tax Deductions - AOL

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   Senior citizens age 70.5 and over who own an IRA can take advantage of tax-free qualified charitable distributions. They can transfer up to $100,000 per year, counting toward the required minimum ...

3. Tax breaks after 50 you might not know about - AOL

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   Here are additional 2024 standard deductions for those over 65 showing the IRS’s tax inflation adjustments: Joint filers and surviving spouses can deduct an additional $1,550 per person over 65.

4. Open an IRA before the tax deadline to save on taxes - AOL

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   For 2024, the contribution limit increases to $7,000, or $8,000 for those over age 50. However, if your income does not reach these levels, you may only contribute up to your taxable income.

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

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   The standard deduction reduces a taxpayer’s taxable income, ensuring that only households with income above certain thresholds will owe income tax. The standard deduction amounts for 2023 are ...

6. 4 Tax Changes Retirees Need To Know - AOL

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   Tax law is constantly changing, and even retirees are not immune from annual updates. In fact, seniors in particular have their own set of laws and rules to follow that may not even apply to ...

7. How all 50 states tax retirement income: A comprehensive list ...

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   For the 2024 tax year, Hawaii’s standard deduction doubles to $4,400 for single filers and $8,800 for married couples filing jointly. ... flat tax of 3.9% in 2026. But seniors ages 55 and older ...

8. Roth IRA vs. traditional IRA: Which is better for you? - AOL

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   The annual contribution limits are the same as a traditional IRA: $7,000 for those under 50 and $8,000 for those over 50 in 2024. However, there is no timestamp for when you must make those ...

9. IRA taxes: Key rules to know and how much you can ... - AOL

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   The short story: A traditional IRA gets you a tax break today, but you pay taxes when you withdraw any money. Meanwhile, a Roth IRA allows you to take tax-free distributions in the future in ...