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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. $1,500 for married taxpayers (per qualifying ...
When former President Donald Trump overhauled the U.S. tax code in Dec. 2017, new income brackets and standard deduction amounts came into effect that changed how much Americans pay in taxes -- and...
The taxpayer is 65 years of age or older. [21] The taxpayer's spouse is 65 years of age or older. [22] The taxpayer is blind (generally defined as not having corrected vision of at least 20/200 or as having extreme "limitation in the fields of vision"). [23] The taxpayer's spouse is blind (see definition above). [24]
Here are additional 2024 standard deductions for those over 65 showing ... from 2023 tax year maximums: Single filers over 65 must ... with a $5,500 deduction for taxpayers over 65.
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
The income tax law in its modern form—which began in the year 1913—included a provision for a personal exemption amount of $3,000 ($71,764 in 2016 dollars), or $4,000 for married couples. ($95,686 in 2016 dollars) Over time the amount of the exemption has increased and decreased depending on political policy and the need for tax revenue.
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