10 Tax Falsehoods Many Retirees Still Believe

Standard Deduction Amounts Will my standard deduction be higher after I turn 65?

Absolutely! You may remember that in 2017 the standard deduction rate was bumped to $12,000 for everyone, or $24,000 or married couples filing jointly. In 2020, we’re seeing another boost to $24,400 (singles) and $24,800 (married).

Things will change when you turn 65, as you’ll receive an extra $1,650 if you’re single. If, however, you wish to file jointly and your spouse is also over the age of 65, your standard deduction will be increased by $2,600. Finally, if your spouse has not yet turned 65, then you’ll only get $1,300 extra.

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