The standard deduction is a specific amount that you can deduct from your taxable income before calculating your taxes. It is a dollar-for-dollar reduction, meaning that a higher standard deduction will result in lower taxable income. For the 2020 tax year, the standard deduction amounts have increased for all filing statuses. This article will focus specifically on the standard deduction for individuals over the age of 65 who are married.
Standard Deduction Amount for Over 65 and Married
The standard deduction for married couples filing jointly who are both over the age of 65 is $24,800 in 2020. This is an increase of $400 from the 2019 standard deduction of $24,400.
Additional Standard Deduction for the Aged or Blind
In addition to the standard deduction, individuals who are over the age of 65 or blind may be eligible for an additional standard deduction. For 2020, the additional standard deduction for the aged or blind is $1,300. This means that a married couple filing jointly who are both over the age of 65 can claim a total standard deduction of $26,100 ($24,800 + $1,300 + $1,300).
Importance of the Standard Deduction
The standard deduction is an important factor to consider when filing your taxes. It can significantly reduce your taxable income, which can lead to lower taxes owed. If you are over the age of 65 and married, be sure to claim the correct standard deduction amount on your tax return.
The standard deduction for married couples filing jointly who are both over the age of 65 is $24,800 in 2020. This is an increase of $400 from the 2019 standard deduction. In addition, these individuals may be eligible for an additional standard deduction of $1,300 each for being over the age of 65. By claiming the correct standard deduction amount, you can reduce your taxable income and potentially lower your tax liability.
What is the standard deduction for 2020 for over 65?
FAQ
What is the standard deduction for seniors over 65 filing jointly in 2020?
What is the federal income tax deduction for 2020?
What is the 2121 standard deduction over 65?
What are the federal tax tables for 2020?
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Rate
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For Single Individuals
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For Heads of Households
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10%
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Up to $9,875
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Up to $14,100
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12%
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$9,876 to $40,125
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$14,101 to $53,700
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22%
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$40,126 to $85,525
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$53,701 to $85,500
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24%
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$85,526 to $163,300
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$85,501 to $163,300
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What is the additional standard deduction for 2020 for married couples?
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).
How much can I deduct from my tax return in 2020?
The amount depends on your filing status. You can use the 2020 Standard Deduction Tables near the end of this publication to figure your standard deduction. Charitable contribution deduction. In 2020, you are allowed a charitable contribution de-duction of up to $300 if you don’t itemize your deductions.
What are the 2020 standard deductions?
They are subtracted from your Adjusted Gross Income (AGI). Here are the 2020 standard deductions amounts for each filing status: There is an additional standard deduction of $1,300 for taxpayers who are over age 65 or blind. The amount of the additional standard deduction increases to $1,650 for taxpayers who are unmarried.
Will the 2020 standard deduction help lower my tax obligation?
The 2020 standard deduction amounts for federal income taxes have risen slightly because of inflation. Like all tax deductions, the standard deduction reduces the amount of your income that’s subject to tax — and could help lower your tax obligation. But the amount it could help depends on your filing status. Here’s what you need to know.