Higher Standard Deduction for Seniors and Blind Individuals
Benefits for Seniors Aged 65 or Older
Individuals who are age 65 or older at the end of the year are entitled to a higher standard deduction. This is an additional tax break that reduces your taxable income, potentially lowering your overall tax bill.
Standard Deduction for Seniors
The standard deduction for seniors over 65 is:
- Single: $14,700
- Married filing jointly: $29,400
- Married filing separately: $14,700
- Head of household: $20,800
Considerations for Blind Individuals
Blind individuals, regardless of age, also qualify for a higher standard deduction.
Standard Deduction for Blind Individuals
The standard deduction for blind individuals is:
- Single: $15,350
- Married filing jointly: $30,700
- Married filing separately: $15,350
- Head of household: $21,450
Importance of Itemizing Deductions
It's important to weigh the benefits of itemizing deductions against taking the standard deduction. If your itemized deductions exceed the standard deduction amount, you may benefit from itemizing. However, for many seniors and blind individuals, the higher standard deduction provides a simpler and more beneficial option.
Komentar