But only the amount over your Standard Deduction is taxed.
For 2021 the standard deduction amounts are:
Single 12,550 + 1,700 for 65 and over or blind (14,250)
HOH 18,800 + 1,700 for 65 and over or blind
Joint 25,100 + 1,350 for each 65 and over or blind
Married filing Separate 12,550 + 1,350 for 65 and over or blind
