Adults who are 65 and older get an extra $1,600 added to their standard deduction if they’re filing as single, head of household, or married filing separately. This higher standard deduction reduces your taxable income, so you pay taxes on a smaller base amount, keeping more of your money.
For 2019 , the additional standard deduction amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,650 for unmarried taxpayers.
Standard Deduction and Personal Exemption The standard deduction will increase by $100 from $6,200 to $6,300 for singles (Table 2). For married couples filing jointly, it will increase by $200 from $12,400 to $12,600 . The personal exemption for 2015 be $4,000.
For 2020 , the additional standard deduction for married taxpayers 65 or over or blind will be $1,300 (same as for 2019). For a single taxpayer or head of household who is 65 or over or blind, the additional standard deduction for 2020 will be $1,650 (same as for 2019).
At 65 to 67, depending on the year of your birth, you are at full retirement age and can get full Social Security retirement benefits tax -free.
If you work past your full retirement age (FRA) and have earned income, you’ll still have to pay Social Security taxes, even if you’re already collecting benefits.
As written, the standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses. If you are age 65 or over, blind or disabled, you can tack on $1,300 to your standard deduction ($1,600 for unmarried taxpayers).
9 Tax Breaks You Can Claim Without Itemizing Educator Expenses. Student Loan Interest. HSA Contributions. IRA Contributions. Self-Employed Retirement Contributions. Early Withdrawal Penalties. Alimony Payments. Certain Business Expenses.
IRS Releases the 2015 Tax Brackets
|Rate||Single Filers||Married Joint Filers|
|10%||$0 to $9,225||$0 to $18,450|
|15%||$9,225 to $37,450||$18,450 to $74,900|
|25%||$37,450 to $90,750||$74,900 to $151,200|
|28%||$90,750 to $189,300||$151,200 to $230,450|