Does anyone know what the 2018TY standard deduction will be for 65+

Home Fairmark Forum Other Tax Topics Does anyone know what the 2018TY standard deduction will be for 65+

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  • #1501
    Sunny
    Participant

    The IRS has a short PDF out that states the standard deduction for single status will be 12K but then adds that it will be more for those over 65yo. It does not say what that is.
    IRS Pub 5307(12 pages) https://www.irs.gov/pub/irs-pdf/p5307.pdf

    #1504
    kaneohe
    Participant

    $1300 additional

    • This reply was modified 2 years, 10 months ago by kaneohe.
    #1505
    kaneohe
    Participant
    #1508
    Sunny
    Participant

    Thank You kaneohe. It seems almost slacker like that the IRS Pub did not state that and I have to find that out from others like yourself.

    #1672
    Sunny
    Participant

    I took this from a Forbes article it adds to kaneohe’s response.

    “For 2018, the additional standard deduction amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,600 for unmarried taxpayers.
    For 2018, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,050 or the sum of $350 and the individual’s earned income.
    There will be no personal exemption amounts for 2018”

    #1673
    dienerte
    Participant

    As pointed out by Sunny in the November 26th post, we have to be careful when making statements. It is my understanding the standard deduction amount for people age 65 and over is dependent on filing status. For a couple filing MFJ the additional amount for each person age 65 and over is $1300. For all other filing statuses the additional amount is $1600. Tom D

    #1674
    Kaye Thomas
    Moderator

    These numbers are in our Reference Room, which is the second item in the dropdown menu if you hover over “Tax Help” at the upper left of this page.

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