3. Bigger Standard Deduction
Some birthdays are more special than others. The 65 one is one of them as the IRS gives you a present: a larger standard deduction! For instance, a single 64-year-old taxpayer is eligible for a standard deduction of $12,950 on their 2022 tax return. A single 65-year-old taxpayer, however, can claim a $14,700 standard deduction in 2022.
With the additional $1,750, chances are you will take the standard deduction rather than claiming itemized deductions on your 2022 return. If you claim this tax deduction, the extra amount will save you more than $400 if you’re in the 24% tax bracket.
Married couples where one or both spouses are either aged 65 or above also benefit from bigger standard deductions than young folks. If only one of the spouses is age 65 or older, the additional amount for 2022 is $1,400 — $2,800 if both partners are 65 or older.
This being said, make the most of your age!
Keep reading to discover other tax deductions for retirees!
11 Responses
False pretense.
Where in Cleveland Ohio can I get a reasonable deal on an older SUV?
What type of exercise do you recommend.
Hello,
I am retired. I am helping my disabled son I have a driver license but I have no car because cannot afford a car. My only income is Social Security and $300 for food stamps. For my son and myself. Housing is my biggest issue we live in a unit with a attached garage, It was a dog house. I need to know how I can save money make money.
Kathy can you be a caregiver for seniors? there is a huge need out there for honest and compassionate people to help seniors in their homes. some CNA courses are consolidated and affordable you might not even need one for domestic chores maybe work 4 hours per day so you don’t get worn out?
IN CALIFORNIA THEY PAY PARENTS TO BE THE CAREGIVER!
That’s me
You should have the story on one page not 15000!!!!
I am now 65 and the government has done so much wrong i can not even begin to think about retirement. This is so sad. Looked forward to the day with pride my whole life. Began working in the fields with my dad when I was a kid. First real job 15. Been working my ass off for 50 years. The politicians don’t care. They have it made by taking our money.
I am truly sorry William & I get it. I’m a retired school bus drover. Retired only because I had literally broke my back, I didn’t make it retirement age. I have a son that’s on the autistic spectrum whose father he never met. He was a Vietnam vet, who came home physically, not mentally. He was hit & killed by kids drag racing.
This government never gave him or his son the SS or VA benefits they were entitled to. Worked my fingers to the bone. I finally won the SS benefits where 3 lawyers couldn’t (my son was just a number), VA I’m still working on. I just don’t have another 32 years to fight. That’s how long it took to win. Absolutely ridiculous. But let an illegal come in & they get free everything & yet my son lost his dad in a war we had no business in. Go figure, right! I get it. You take care. God gives what we need. Been there, he does come through.
i am retired and receive ss but what i want to know can i file on my interest i have gained thanks