WebMay 31, 2024 · May 31, 2024 4:46 PM. In the past, there was an extra exemption when you reached age 65. Now, if you are age 65 or older on the last day of the year and do not itemize deductions, you are en-titled to a higher standard deduction. If you are Single and 65 or older, you get a standard deduction of $7.600, which is $1,500 more than those …

Tax Counseling for Seniors and the Elderly - TurboTax

WebJun 6, 2024 · Yes, you get a deduction from being over 65 and for being blind. Additional Standard Deduction Amounts for Tax Year 2024. Age: If you are age 65 or older, you may increase your standard deduction by $1,600 if you file Single or Head of Household. If you are Married Filing Jointly and you OR your spouse is 65 or older, you may increase your ... WebWhen you’re over 65, the standard deduction increases. The specific amount depends on your filing status and changes each year. For the 2024 tax year, seniors get a tax deduction of $14,250 (this increases in 2024 to $14,700). Taking the standard deduction is often the best option and can eliminate the need to itemize. 2. Different Filing Threshold black stitched shirts

How do I claim the additional 2024 standard deduction of $1,400 …

WebFeb 15, 2024 · Single or Head of Household over 65 age: Additional $1,600; Married over 65 age: Additional $1,300; Single or Head of Household over 65 age: Additional $1,650; Married over 65 age: … WebHowever the additional $1,300 to $2,600 deduction currently available to individuals over 65 or blind will still be available and was not repealed in the new tax laws. For married couples where both spouses are above 65, the additional deduction doubles to $2,600 as both are eligible for this additional deduction. WebFeb 25, 2024 · IRS Publication 554: A document published by the Internal Revenue Service (IRS) that provides seniors with information on how to treat retirement income, as well as … black stitchlite