Tax Considerations for Retirees

Are you aware of them? The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive. If you are 65 or older, your standard deduction is $1,300 larger. Make that $1,600 if you are unmarried. Thanks to the passage of the Tax Cuts & Jobs Act, the 2018 standard deduction for an individual taxpayer at least 65 years of age is a whopping $13,600, more than double what it was in 2017. (If you are someone else’s dependent, your standard deduction is much less.)1 You may be able to write off some medical costs. This year, the Internal Revenue Service will let you deduct qualifying medical expenses once they exceed 7.5% of your a

Recent Posts
Archive
Search By Tags
Follow Us
  • Facebook Basic Square
  • LinkedIn Social Icon
  • Twitter Basic Square

© 2018 by California Educators.

  • Facebook Social Icon
  • LinkedIn Social Icon
  • Twitter Social Icon