Tax rates are based on income, not age, so know one here can answer that for you.
The fact that you turned 70-1/2 will require you to take Minimum Required Distributions (MRD) from any Retirement accounts like IRAs & 401ks. That may or may not push you into a higher tax rate bracket. For tax rates see: <a rel="nofollow" target="_blank" href="http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/">http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/</a>. Your "taxable income" is after deductions (standard or itemized) and exemptions.
Based on your screen name, I'm guessing that you will turn age 70 in Sept of 2016. If so, you'll be turning age 70.5 in March of 2017, so your first RMD won't be until 2017. Of course, you are free to take distributions and/or do a Roth conversion prior to then.
and we have no idea what the tax rates or tax law will be either of those years yet.
Your tax rate is independent of age. Your tax rate is dependent on how much income you have. From birth to death, your tax rate is determined by your income, not by your age.
Tax rates can also vary according to which political party controls Congress and the White House.
@154731 What exactly is your question? You cannot deduct mortgage interest if you use the Standard deduction.
@154731 If you do not have enough itemized deductions to exceed your standard deduction, then mortgage interest will have no effect at all on your refund or tax due. Itemized deductions are used INSTEAD of your standard deduction if you have enough of them.
STANDARD DEDUCTION
Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns. The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
Your standard deduction lowers your taxable income. It is not a refund. You will see your standard or itemized deduction amount on line 12a of your 2021 Form 1040.
2021 STANDARD DEDUCTION AMOUNTS
SINGLE $12,550 (65 or older + $1700)
MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)
MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)
HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)
Legally Blind + $1350