Standard Deduction for Seniors Over 65

Tax Rate for Senior Citizens in Retirement

Standard Deduction for Single Seniors Over 65

Seniors over the age of 65 who meet certain qualifications are now eligible for a new standard deduction when filing their taxes.

TRAVERSE CITY, MI, US, May 24, 2023/EINPresswire.com/ --
Seniors over the age of 65 who meet certain qualifications are now eligible for a new standard deduction when filing their taxes. This change, announced by the Internal Revenue Service (IRS), is expected to benefit many older Americans who are struggling to make ends meet and plan for retirement.

The new standard deduction for seniors over 65 is $13,850 for single filers and $27,700 for married couples filing jointly. This can be claimed in addition to any other itemized deductions that may be available. It is estimated that up to 4 million seniors will qualify for this deduction and potentially save thousands of dollars each year in taxes.

This news is especially important as it affects millions of senior citizens across the country who are preparing to file their taxes.

The IRS has set the tax rate for seniors over 65 at 10%. This is lower than the usual 12% tax rate that most citizens pay, and it applies to all seniors who meet certain qualifications. In order to qualify, a senior must be 65 or older, have an adjusted gross income below $37,650, and not be claimed as a dependent by another taxpayer.

Furthermore, those who fall under this particular tax bracket can also take advantage of several senior deductions and credits. These deductions can help reduce their taxable income even further while also helping them save money on taxes throughout the year.

Frank Ellis
Harbor Financial
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