what is the standard deduction for 2025 over 65?

Jouse Heery

2 min read

·

02-12-2024

1

0

Share

The standard deduction is a flat amount that taxpayers can subtract from their gross income to reduce their taxable income. For the 2025 tax year, the standard deduction amounts will likely be adjusted for inflation. While the exact figures for 2025 aren't available until later in 2024, we can project them based on historical trends and the IRS's usual inflation adjustments. This article will explore the projected standard deduction amounts for those over 65 in 2025.

Projected Standard Deduction Amounts for 2025

The standard deduction is different for single filers, married couples filing jointly, heads of households, and qualifying widow(er)s. Additionally, those who are age 65 or older, or who are blind, are eligible for an additional standard deduction amount.

Important Note: These figures are projections based on inflation adjustments. The official amounts will be released by the IRS closer to the 2025 tax filing season. Always refer to the official IRS publications for the most accurate information.

Projected Standard Deduction Amounts for 2025 (Based on Inflation): These are estimates and may vary slightly.

Additional Standard Deduction for Blindness: Individuals who are blind are also eligible for an additional standard deduction amount. This additional amount will be added to the base standard deduction amount based on their filing status and age. The projected amount is approximately the same as the additional deduction for those over 65.

How to Determine Your 2025 Standard Deduction

To accurately determine your standard deduction for 2025:

1. Determine your filing status: Are you single, married filing jointly, head of household, qualifying widow(er)?
2. Determine your age: Are you 65 or older?
3. Determine if you are blind: Are you legally blind?
4. Consult the official IRS publications: Once the official 2025 figures are released by the IRS, consult their publications for the precise amounts. This is crucial for accurate tax filing.

Itemized Deductions vs. Standard Deduction

Remember that you can either take the standard deduction or itemize your deductions. You should choose whichever results in a lower taxable income. If your itemized deductions (such as those for medical expenses, charitable contributions, or mortgage interest) exceed your standard deduction, itemizing will be more beneficial. However, for many taxpayers, the standard deduction is the simpler and more advantageous option.

Where to Find Official Information

Always rely on official sources for accurate tax information. The IRS website (https://www.irs.gov/) is the best place to find the official 2025 standard deduction amounts once they are released. You can also consult a qualified tax professional for personalized guidance.

This article provides projected standard deduction amounts for 2025. Remember to confirm these figures with official IRS publications before filing your taxes. Planning ahead helps ensure accurate tax filing.