You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed.
Her total standard deduction amount will. If you don’t itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year.
For 2023, That Extra Standard Deduction Is $1,850 If You Are Single Or File As.
The standard deduction for taxpayers over the age of 65 is higher than for younger taxpayers, acknowledging the unique financial challenges faced by this age group.
People 65 Or Older May Be Eligible For A.
The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or.
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The Standard Deduction For Taxpayers Over The Age Of 65 Is Higher Than For Younger Taxpayers, Acknowledging The Unique Financial Challenges Faced By This Age Group.
If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year.
$3,700 If You Are Single Or Filing As Head Of Household.
You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.