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Standard Deductions for Seniors

When preparing and e-filing your taxes, you'll see that there are many benefits that you can get from this. You do not need to find out whether to utilize standardized deductions or itemize deductions. Choosing to itemize deductions on your return is done by the site and then presented to you. Even if you feel that the itemized deduction is more advantageous on your end, still you can claim among federal standard deduction amounts.

Added Standard Deduction Amounts for 2018 Tax Year

Age: Say that you're 65 and up, you can increase the standard deduction by up to 1600 dollars, assuming that you are either Single or Head of the Household. In the event that you're Married Filing Jointly and you or your spouse is older than 65, then you can increase your deduction by up to 1300 dollars. In the event that both you as well as your spouse is 65 and up, you can increase the standard deduction by 2600 dollars.

Blindness: If you're legally blind, you could increase the standard deduction by up to 1600 dollars if you're filing as Single or Head-of-Household. If you're Married Filing Jointly and either you or your spouse is blind, you'll get a 1300 dollars increase for your standard deduction. Now if both of you are legally blind, you'll be able to receive 2600 dollars.

You have to keep your tax records certified letter from an optometrist or any eye doctors which states that you have a non correctable 20/200 vision in your best eye or at least, that your field of vision is now restricted to less than 20 degrees. Check article to learn more.

Limits to Standard Deduction

You have to read the situations below related to the standard deduction limits in case that any applies:

Dependents: The standard deduction can be reduced if you're claimed as dependent on another person's tax return. If perhaps that you're another dependent during tax year, then your standard deduction will be limited to more than 1050 dollars or the amount you earn plus another 350 dollars. You must take time to know more about who is qualified as dependent. Click here to read more.

Married Filing Separately: In the event that your filing status is married filing separately and your spouse is itemizing deductions, you might not be able to claim a standard deduction. If one spouse is itemizing deductions, then the other should itemize as well to claim deductions.

Disaster Loss: Here, standard deductions can only get an increase by net amount of disaster loss you've suffered in the area that's federally declared as disaster. Visit https://www.wikihow.com/Reduce-Taxes-in-Retirement for other references.

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