Ask Terry Questions I heard there was an additional deduction for seniors over the age of 65 years

I heard there was an additional deduction for seniors over the age of 65 years

By Terry Savage on April 12, 2023 | Taxes & Economy

Is an additional deduction valid for seniors over 65, and if so, what is the amount?

Terry Says

When you’re over 65, the standard deduction increases. The specific amount depends on your filing status and changes each year. The standard deduction for seniors this year is actually the 2022 amount, filed by April 2023.
For the 2022 tax year, seniors filing single or married filing separately get a standard deduction of $14,700. For those who are married and filing jointly, the standard deduction for 65 and older is $25,900.
The standard deduction for a widow over 65 is also $25,900 if they qualify.

Taking the standard deduction is often the best option and can eliminate the need to itemize. If you are blind, you can increase your standard deduction by $1,400 or $1,750 if single or if filing as head of household.

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