In the past, there was an extra exemption
when you reached age 65. Now, if you are age 65 or older on the last day of the
year and do not itemize deductions, you are en-titled to a higher standard
deduction. If you are Single and 65 or older, you get a standard deduction of $7.600,
which is $1,500 more than those under age 65. If you are married, you get an
additional $1,200 standard deduction. This additional amount is shown on Form
1040, Line 40.
