Will the standard deduction for 2018 of $24,000 be adjusted up for seniors?

[DoninGA · Accepted solution]

Yes, there will be an additional $1,300 if you are age 65 or older added to the Standard Deduction for tax year 2018. 

Standard deductions for 2018 

• Single - $12,000 add $1,600 if age 65 or older
• Married Filing Separately - $12,000 add $1,300 if age 65 or older
• Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
• Head of Household - $18,000 add $1,600 if age 65 or older

[joeruthmc]

Is that per person?  We're MFJ and both over 65.  Thanks.

[joeruthmc]

Is that per person?  We're MFJ and both over 65.  Thanks.

[DoninGA]

Yes the $1,300 is per person that is age 65 or older.  So if you are filing as MFJ in 2018 and are both age 65 or older then your Standard Deduction would be $26,600

[SweetieJean]

This is for 2018 returns filed in 2019, not 2017 returns filed in 2018.

[Bart523]

DoninGA the total would be 26,600 not 27,600. 1300 x 2 = 2,600 for MFJ.

[Bart523]

DoninGA the total would be 26,600 not 27,600. 1300 x 2 = 2,600 for MFJ.

[bbwill]

2018 tax will not include Exemptions so if your 2017 Deduction + Exemptions = $24,000 filing joint you break even. If both of you are over 65 the it's $26,600.

[SweetieJean]

@bbwill
2017 Standard deduction for MFJ (under age 65) is $12,700.  Two personal exemptions  are 4,050 x 2. So total is $20,800. That's not breakeven with $24,000 for 2018

[bbwill]

I think you miss read my comment, I said "if your 2017 Deductions" and NOT "Standard Deductions". You are correct in your comment and so was I, just viewing it from different angles. It is important to know the 2018 taxes removes Exemptions.

[macuser_22]

@bbwill - the question from 6 months ago, asked about the "standard deduction" for 2018 and had nothing to do with exemptions.   Exemptions were not mentioned in the answer because that was not the question asked.  While your comment is correct, it is off topic for the question asked.