Page 14 - Tax Planning Tips - Individuals

Choosing correct deductions

GO I

Standard Deduction

The standard deduction amount adjusts every year
and can vary by filing status.
• The standard deduction amount depends on the R

taxpayer's filing status, whether they are 65 or
older or blind, and whether another taxpayer can

claim them as a dependent.
• Taxpayers who are age 65 or older on the last day
of the year and don't itemize deductions are

entitled to a higher standard deduction. S

Most filers who use Form 1040 or Form 1040-SR, U.S.
Tax Return for Seniors, can find their standard
deduction on the first page of the form

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