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For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older OR blind are: $1,850 for single or head of household.
The standard deduction provides individuals with a certain threshold below which income is not taxed. However, some seniors may not be aware that this deduction is increased for those age 65 or older.
Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax ...
Use your bigger standard deduction: If you’re 65 or older and you don’t itemize deductions, you are entitled to a higher standard deduction.
However, taxpayers pay no tax on income covered by deductions: the standard deduction (for 2022: $12,950 for an individual return, $19,400 for heads of households, and $25,900 for a joint return), or more if the taxpayer has over that amount in itemized deductions. Amounts in excess of this are taxed at the rates in the above table.
Schedule A itemizes allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction of between $12,000 and $24,000 (for the tax year 2018), depending on age, filing status, and whether the taxpayer and/or spouse is blind.
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related to: irs schedule a standard deduction 2019 for seniors- 699 I-j Harrisburg Pike, Columbus, OH · Directions · (614) 351-1040
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