For 2023, that extra standard deduction is $1,850 if you are single or file as head of household. One spouse 65 or blind;
Taxpayers 65 and older and those who are blind can claim an additional standard deduction. Depending on your tax rate and filing status, you’ll owe different amounts on different parts of your income depending on your taxable income.
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.
2024 standard deduction over 65.
This Higher Deduction Helps To Offset Some Of The Increased Costs That Seniors Face, Such As Healthcare And Prescription Drugs.
By utilizing this tax benefit, senior taxpayers can enjoy financial relief, making it easier to manage their expenses and maintain a comfortable standard of living.
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One Spouse 65 Or Blind:
The personal exemption for 2024 remains at $0 (eliminating the personal exemption was part of the tax cuts and jobs act of 2017 (tcja).
There’s Even More Good News For Older Taxpayers.
You are considered age 65 on the day before your 65th birthday.