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Jun 07, 2019 · Will the standard deduction for 2018 of $24,000 be adjusted up for seniors? Yes the $1,300 is per person that is age 65 or older. So if you are filing as MFJ in 2018 and are both age 65 or older then your Standard Deduction would be $26,600. The Internal Revenue Service recently announced that for 2019, the basic standard deduction for joint filers has increased to $24,400, he said, while the additional standard deduction increment for being 65 years of age will remain at $1,300 for 2019. Email your questions to moc.p 1575945220 leHye 1575945220 noMJN 1575945220 @ksA 1575945220. Jan 11, 2019 · A higher standard deduction is available for certain taxpayers. If you're 65 or older or are blind, then you can add $1,300 to your standard deduction if you're married or $1,650 if you're single.

All taxpayers can deduct qualified medical expenses in excess of 10 percent of their adjusted gross income. However, someone age 65 or older can deduct medical expenses in excess of 7.5 percent of AGI until January 1, 2017. After that, the threshold goes to 10 percent. Standard deduction: Well, this change is not specifically for Senior Citizens but for all salary earners. Those who are getting pension Income can take benefit of this provision since Pension also gets counted as a Salary from taxation Point of view. A Standard Deduction of up to Rs 40000 can now be claimed from the Pension/Salary Income. The tax form for seniors also disallows itemized deductions. You must claim the standard deduction for your filing status if you choose Form 1040-SR, but the Tax Cuts and Jobs Act has pretty much doubled the standard deductions for all filing statuses so this shouldn’t be much of a hardship. And seniors age 65 or older are also entitled to an extra standard deduction of $1,300. The deduction allowed under section 80D for payment of medical insurance premium is Rs 25,000 for non-senior citizens. However, this deduction increases to Rs 50,000 for Senior Citizens increased from Rs. 30,000 to Rs. 50,000 in Budget 2018 and applicable from 1st April 2018. Senior Citizens getting Pension Income can also claim Standard. Dec 22, 2017 · Seniors can still grab this tax break under the new tax law: the additional standard deduction. The "Tax Cuts and Jobs Act," which President.

The additional standard deduction for people who have reached age 65 or who are blind is $1,250 for married taxpayers or $1,550 for unmarried taxpayers. The personal exemption amount for 2017 is $4,050. However, the total personal exemptions to which you’re entitled will be phased out i.e. Nov 19, 2019 · When filing your taxes for 2019, uses these tax brackets to figure out how much you owe. These are the federal income tax rates and standard deductions by tax filing status and income. As a result, about 90% of all taxpayers, including the elderly, will take the standard deduction. Anyone 65 and older by December 31 of the tax year is entitled to a higher standard deduction than younger folks. You can claim the higher deduction only if your spouse is older than 65 and you file a joint return. 2.

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