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Level 2
posted Nov 16, 2022 2:34:35 PM

Standard deduction for 65+

I am 67.  I live by myself in my own house.  What is my standard deduction for 2022 ($1,400 or $1,750)?
I read:  Taxpayers who are at least 65 years old can claim standard deduction of $1,400 standard deduction.
Question:  What does this mean.  I also read "$1,750 if using the single or head of household filing status."  I do not understand "single or head of household filing status."  please explain.  Is my deduction $1400 or $1750? 

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1 Replies
Level 5
Nov 16, 2022 2:47:34 PM

HI dgmsa707,

 

I understand your concerns.

 

The starting point is the Base Standard Deduction for a SINGLE person:

 

2022: $12,950; 2023: 13,850

 

What the IRS is trying to add is if you are older 65 or Blind, you may be eligible to claim additional deductions for being SINGLE or MARRIED FILING JOINT or MARRIED FILING SEPARATE:

 

If you are SINGLE and over 65 AND/OR Blind, your additional Standard Deduction for each factor would be $1,750.

 

The $1,400 is  reduced amount if you are MARRIED FILING SEPARATE, but $2,800 if FILING JOINT.

 

This should not concern you, since you are SINGLE.

 

Review the following link for further guidance https://www.forbes.com/advisor/taxes/standard-deduction/