The standard deduction is a deduction that is available to all taxpayers who do not itemize their deductions on their tax returns.
For seniors over the age of 65, the standard deduction is higher than it is for younger taxpayers.
This is because seniors generally have more expenses and are more likely to pay taxes on a higher income.
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A quick overview of the standard deduction for seniors over 65
The standard deduction is an amount that seniors can claim on their taxes. For seniors over the age of 65, the standard deduction is higher than it is for other taxpayers.
The standard deduction for seniors over 65 is $27,300 for married couples filing jointly and $14,700 for single filers.
This higher deduction helps to offset some of the increased costs that seniors face, such as healthcare and prescription drugs.
How do seniors over 65 qualify for the standard deduction?
In order to qualify for the standard deduction, seniors over the age of 65 must meet a few requirements.
- First, they must be U.S. citizens or resident aliens for the entire tax year.
- Second, another taxpayer must not have claimed them as a dependent.
- Lastly, you must be 65 years or older.
What are the benefits of the standard deduction for seniors over 65?
There are many benefits to taking the standard deduction when you are a senior over the age of 65. The standard deduction can help reduce your taxable income, leading to a lower tax bill.
It can also help you qualify for certain tax credits and deductions. Additionally, the standard deduction can simplify tax filing by eliminating the need to itemize your deductions.
How to claim the standard deduction
For many Americans, taking the standard deduction is the simplest way to reduce their tax rate. And, for seniors over 65, the standard deduction is even higher.
If you’re a senior citizen who wants to claim the standard deduction on your taxes, here’s what you need to know.
The standard deduction for seniors over 65 filing jointly is $27,300. That’s higher than the standard deduction for younger taxpayers, which is $25,900.
To claim the senior citizen standard deduction, simply enter your age and income information into TurboTax. We’ll calculate your deduction and help you file your taxes with the IRS.
If you have any questions about claiming the standard deduction or filing your taxes as a senior citizen, our TurboTax experts are here to help. Get started today and be done with your taxes in no time!