In this discussion, we are going to provide you with information about what you need to know involving the standard tax deduction for seniors. It is quite advantageous to turn 65 and this is because you can claim a larger standard deduction. This is because they received an additional $1,600 standard deduction. An individual may not need to file taxes if his income is below a certain threshold and due to the new standard deduction for seniors, the majority of elderly Americans usually skip this step. When it comes to single filers aged 65 or older when they receive any income below $13,600 this is usually not reported but when it comes to married couples, you find that this threshold increases to $26,600. These figures we are talking about only include income and they do not account for social security benefits. When it comes to comparing itemizing and standard deduction, you find that each year, the majority of tax filers have to decide on either of these two. As a result of the standard deduction, you find that many find it to be quite easier to select which procedure to follow. To learn more, click here.
In the event that an individual may decide to itemize, it means that medical expenses may also be deductible but at the same time, it allows the tax filer to be able to have all the medical expenses which are beyond 75% to be able to be written off against the adjusted gross income. The issue which arises is the fact that many Americans usually do not have sufficient medical expenses in order to be able to qualify for this deduction. You find that the majority of individuals usually tend to overlook non-traditional medical expenses which happen to be qualified deductions. Just click for more.
On top of the positive standard deduction for seniors, you find that there is also a tax credit available and in the event that the individual is fully disabled, the age requirement is usually lifted. When it comes to filing status, an individual may qualify for the credit if his AGI is less than $17,500 for a single filter but this threshold usually increases for married couples. You find that many seniors usually find themselves living on a tight and fixed monthly budget and therefore, whatever little they are able to save is definitely important and can assist in a variety of activities. In this discussion, we have looked at a couple of things that one should know about the standard deduction for seniors. Visit https://www.wikihow.com/Calculate-Federal-Income-Tax for other references.