Increased Standard Deduction for Seniors – Did You Know?

If you were born before January 2, 1954, you may qualify to increase the standard deduction on your 2018 federal tax returns by as much as $1,600 (or $2,600 for joint filers). Because your standard deduction reduces your taxable income, a larger deduction means a lower tax bill.

Your eligibility for the increased standard deduction depends on your age, your spouse’s age, your filing status, your citizenship/residency status, and other factors. A tax professional can help you determine whether you qualify, and show you how to claim the full deduction you are allowed.