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The standard deduction for a couple filing a joint return is $24,000. That means you can have that much "tax free" income. Each person 65 or older gets an extra $1300. So if you are both 65 or older, your standard deduction is $26,600. It will appear on line 8 of your Form 1040.
The standard deduction for a couple filing a joint return is $24,000. That means you can have that much "tax free" income. Each person 65 or older gets an extra $1300. So if you are both 65 or older, your standard deduction is $26,600. It will appear on line 8 of your Form 1040.
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