Additional Standard Deductions are Available for Certain People
Marv Asked:
Can you please let me know what the standard deduction is for a married couple both over age 65
The Standard Deduction is the amount every taxpayer can deduct from their income, and with the changes to the tax law, more taxpayers than ever will now be taking the Standard Deduction. A lesser known fact about the Standard Deduction, however, is it can be increased for those over age 65 or who are blind.
For Those Over Age 65
A taxpayer who qualifies for the standard deduction and who is over age 65 can also qualify for an increase to their Standard Deduction. For 2018, the increase is between $1,300 to $1,600 per qualifying taxpayer depending on filing status. A married couple would each be able to claim this deduction if both are over age 65. In 2018, those born before January 2, 1954 qualify as over age 65.
For Those Who Are Blind
If you qualify as blind under the IRS rules, you can take an additional Standard Deduction as well. This would be on top of the additional deduction if the taxpayer is also over age 65. Again, the deduction ranges from $1,300 to $1,600 per qualifying taxpayer depending on filing status.
The ‘Answer’
In order to answer this question, I will have to make a few assumptions. Realize, this answer may not apply to your exact circumstances, and you should seek the advice of a qualified tax advisor who can review your exact situation.
Assumptions:
both you and your spouse were born before January 2, 1954
you are filing as Married Filing Jointly
neither of you are blind as defined by the tax code
both of you qualify for the Standard Deduction under the IRS rules
Standard Deduction
A couple meeting the above qualifications would qualify for a $26,600 Standard Deduction. Keep in mind, the number cited is for educational purposes only and is not tax advice. Because I know very little about your tax situation, the number above may not apply to you and your wife. You will want to verify this number based on your exact circumstances.
You can read more about the Standard Deduction at IRS Publication 501
Joshua Escalante Troesh is a tenured professor of Business at El Camino College and the founder of Purposeful Finance. He is also the owner of Purposeful Strategic Partners, a fiduciary and fee-only financial planning firm and a Registered Investment Advisor. He can be reached for comment at info@purposefulfinance.org