Did you know?
The standard deduction is higher for people over 65
The standard deduction reduces your taxes a lot.
For people over 65, there is an added sweetener.
Each joint filer age 65 and older can increase the standard deduction by $1,500, up to a total of $3,000 if both joint filers are 65 or older. In total, a married couple 65 or older would have a standard deduction of $30,700.
Single filers 65 or older can claim an extra $1,850 standard deduction.
Allyson Good curates senior living, health, and family content. She is formerly the Managing Editor of Active Life, a print newspaper published in 2016-2017 for seniors, choosing practical articles on health, money, safety, and everyday living for older readers. She is also an avid gardener and offers up Garden Hints and Tips on a regular basis.
