You’ve probably heard about the standard deduction, but did you know that the tax code offers a perk in the form of an extra standard deduction for people aged 65 or older?
For eligible older adult filers, the additional deduction stacks on the regular standard deduction and can further reduce taxable income. That, in turn, can increase the amount of hard-earned money you keep in retirement.
Here’s more of what you need to know.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
What’s the 2023 standard deduction?
Before delving into the extra standard deduction for older adults aged 65 and older, reviewing how the regular standard deduction works is helpful.
The standard deduction is a predetermined amount that reduces your taxable income, lowering the income subject to tax. In most cases, whether to take the standard deduction (which most taxpayers choose to do) is up to you. (However, some taxpayers cannot claim the standard deduction.)
The alternative is to itemize deductions, which involves claiming individual deductions on your federal income tax return. Common itemized deductions include things like mortgage interest and charitable donations.
The amount of your standard deduction depends on several different factors. For example:
- Your filing status
- Whether you are 65 or older
- Whether you are blind
- Whether another taxpayer can claim you as a dependent on their tax return
For 2023 (tax returns typically filed in April 2024), the standard deduction amounts are $13,850 for single and for those who are married, filing separately; $27,700 for those married filing jointly and qualified widowers; and $20,800 for head of household.
What about 2024? Note: The IRS adjusts the standard deduction annually for inflation. The agency released 2024 standard deduction amounts that will apply to the returns you normally file in 2025. (More on those below.)
For more on the 2023 and 2024 standard deduction: What’s the Standard Deduction?
IRS extra standard deduction for older adults
When you turn 65, you become eligible for an additional standard deduction on top of the regular standard deduction. However, the amount of this extra deduction can vary based on factors like filing status and whether you or your spouse are 65 or older. Whether you or your spouse is blind is another factor.
For 2023, the additional standard deduction is $1,850 if you are single or file as head of household. If you're married, filing jointly or separately, the extra standard deduction amount is $1,500 per qualifying individual.
If you are 65 or older and blind, the extra standard deduction is $3,700 if you are single or filing as head of household. It's $3,000 per qualifying individual if you are married, filing jointly or separately.
| 65 or older or blind | $1,850 |
| 65 or older and blind | $3,700 |
| 65 or older or blind | $1,500 per qualifying individual |
| 65 or older and blind | $3,000 per qualifying individual |
Note: For the additional standard deduction for people who are blind, you have to be completely blind by the end of a given tax year. Or, you have to have a doctor's certification (in this case, an ophthalmologist or optometrist) that your eyesight is at least 20/200 (in the best eye with corrective lenses.) Or, your doctor must certify that your field of vision is 20 degrees or less.
2024 standard deduction over 65
The just-released additional standard deduction amount for 2024 (returns usually filed in early 2025) is $1,550 ($1,950 if unmarried and not a surviving spouse). See the charts below.
| 65 or older or blind | $1,950 |
| 65 or older and blind | $3,900 |
| 65 or older or blind | $1,550 per qualifying individual |
| 65 or older and blind | $3,100 per qualifying individual |
Claiming the extra standard deduction
As retirees tend to face rising medical and other expenses, the extra standard deduction for individuals 65 and older can help alleviate tax burdens by reducing taxable income. This boost may free up funds for essential needs, leisure activities, or to support loved ones.
If you are eligible to claim the extra standard deduction and aren’t sure how it impacts your tax liability, consult a trusted tax professional or official IRS resources to maximize your tax benefits.
Related Content
-
A Bunch of IRS Tax Deductions and Credits You Need to KnowTax Breaks Lowering your taxable income is the key to paying less to the IRS. Several federal tax credits and deductions can help.
-
Don’t Miss This $2,500 Tax Break for Paying Your Student LoanTax Deductions Do you qualify for the student loan interest deduction this year?
-
Six Tax Breaks That Get Better With AgeTax Breaks Depending on your age, several tax credits, deductions, and amounts change — sometimes for the better.
-
Biden Proposes New Homebuyer Tax CreditsTax Credits President Biden is calling for new middle-class tax breaks including a mortgage tax credit.
-
Will Florida Property Tax Be Eliminated?Property Taxes A new proposal is raising questions about revenue generation in the Sunshine State.
-
States That Won't Tax Your EVState Tax Most states impose additional fees on electric vehicles, but these states don’t penalize EV owners, and some also offer other tax incentives.
-
Tax Season is Here: Big IRS Tax Changes to Know Before You FileTax Filing Tax deductions, tax credit amounts, and some tax laws have changed for the 2024 tax filing season.
-
Your Arizona Family Rebate is Taxable: What to KnowState Tax Thousands of Arizona families will need to report income from special child tax relief payments.
