Itemize Age Article For Free

If you are age 65 or older, your standard deduction increases by $1,700 if you file as single or head of household. If you are legally blind, your standard deduction increases by $1,700 as well. If you are married filing jointly and you OR your spouse is 65 or older, your standard deduction increases by $1,350.

If you are 65 or older or blind, you can claim an additional standard deduction. For 2023, that additional standard deduction is $1,850 if you are single or file as head of household. If you're married filing jointly or separately, the extra standard deduction amount is $1,500 per qualifying individual.

When you itemize deductions, you are listing expenses that will later be subtracted from your adjusted gross income to reduce your taxable income. If your expenses throughout the year were more than the value of the standard deduction, itemizing is a useful strategy to maximize your tax benefits.

Itemized deductions, subject to certain dollar limitations, include amounts you paid, during the taxable year, for state and local income or sales taxes, real property taxes, personal property taxes, mortgage interest, disaster losses, gifts to charities, and part of the amount you paid for medical and dental expenses.

Itemizing requirements Enter your expenses on the appropriate lines of Schedule A. Add them up. Copy the total amount to the second page of your Form 1040. This amount is then subtracted from your income to arrive at the final taxable income number.

The standard deduction for seniors this year is actually the 2022 amount, filed by April 2023. For the 2022 tax year, seniors filing single or married filing separately get a standard deduction of $14,700. For those who are married and filing jointly, the standard deduction for 65 and older is $25,900.

Basically, if you're 65 or older, you have to file a tax return in 2022 if your gross income is $14,700 or higher. If you're married filing jointly and both 65 or older, that amount is $28,700. If you're married filing jointly and only one of you is 65 or older, that amount is $27,300.

Taxpayers who are 65 and Older or are Blind For 2022, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: Single or Head of Household ? $1,750 (increase of $50) Married taxpayers or Qualifying Widow(er) ? $1,400 (increase of $50)