2023 Tax Standard Deduction for Citizens aged over 65.

The U.S. tax code was overhauled in December 2017, resulting in new income brackets and standard deduction amounts. The standard deduction amount for tax year 2022 is $12,950 for single filers, $25,900 for married couples and $19,400 for heads of household. For tax year 2023, it is increased to $13,850, $27,700 and $20,800 for singles or married but filing separately, married couples filing jointly (and surviving spouses) and heads of household, respectively.

The standard deduction for those over age 65 in 2023 is $14,700 for singles, $27,300 for married filing jointly, and $21,150 for head of household. However, if you are 65 or older on the last day of the year and don’t itemize deductions, you can claim an additional standard deduction. This increased standard deduction amount is available to those legally blind and those not completely blind, if they have a doctor’s confirmation that they can’t see better than 20/200 in their better eye with glasses or contact lenses, or their field of vision is 20 degrees or less.

The majority of Americans claim a standard deduction on their tax returns, but some individuals are not eligible for the standard deduction and should be itemizing deductions. They include married people who file separately from a spouse who itemizes deductions, non-resident aliens or people with dual status, and those who submit returns for periods less than 12 months as a result of a change in their accounting period (Nadelle, 2023).

Tax deductions reminder note pad writing for tax preparation.