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2. Retirees Often Overlook These 11 Tax Deductions - AOL

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   For tax year 2023, the addition to the standard deduction for individuals 65 and older is $1,850 for single filers and $1,500 each for married taxpayers. There is an additional increase to the ...

3. Taxes 2023: What's the standard deduction for people over 65?

   www.aol.com/finance/standard-deduction-people...

   The IRS considers an individual to be 65 on the day before their 65th birthday. The standard deduction for those over age 65 in 2023 (filing tax year 2022) is $14,700 for singles, $27,300 for ...

4. Retirees 65 and Older Eligible for Extra Standard Deduction ...

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   A married couple of two 65+ adults would take a total deduction of $27,700 (standard deduction) plus $1,500 for one 65+ adult plus $1,500 for second 65+ adult — a total of $30,700.

5. Social Security (United States) - Wikipedia

   en.wikipedia.org/wiki/Social_Security_(United...

   For those 65 and over, 11.6% of retirement accounts have balances of at least $1 million, more than twice that of the $407,581 average (shown). Those 65 and over have a median net worth of about $250,000 (shown), about a quarter of the group's average (not shown). Social Security affects the saving behavior of the people in three different ways.

6. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   t. e. Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount ...

7. 8 Tax Breaks Retirees Can Use in 2024 - AOL

   www.aol.com/8-tax-breaks-retirees-2024-143940592...

   Once you turn 65, your standard deduction increases by $1,850 for single filers and $1,500 per spouse for married filers. ... The threshold for seniors aged 65 or older stands at $14,700 for ...

8. 6 Hidden Tax Breaks for Retirees - AOL

   www.aol.com/finance/6-hidden-tax-breaks-retirees...

   When you hit age 72, or age 70 1/2 if you are 70 1/2 before January 1, 2020, the IRS requires that you start taking required minimum distributions from your retirement savings in qualified plans ...

9. Trump-Era Tax Cuts Are Expiring: How Changes Will Impact Retirees

   www.aol.com/trump-era-tax-cuts-expiring...

   If you are at least 65 years old or blind, you can claim an additional 2023 standard deduction of $1,850 (also $1,850 if using the single or head of household filing status).