Do taxpayers receive an additional deduction if born before 1959?

If you were 65 or older before the end of 2023 you get a higher standard deduction.

 

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

 

For 2023, an additional deduction is allowed for taxpayers and/or spouses born before January 2, 1959.

 

 

The standard deduction chart for people who were born before January 2, 1959 is found here on page 34.