Categories: Government Rebates and PaymentsTaxes and Retirement

$1300 to $2600 Additional Standard Deduction for Seniors Over 65 under GOP/Trump Tax Reform

As part of the GOP tax reform bill to support President Trump’s tax reform agenda there has a near doubling of the standard deductions that can be taken in 2018 and beyond. The offsets the elimination of the $4,050 personal exemption in 2018 (until 2025, unless extended by Congress then). The standard deduction from 2018 will be $12,000 for singles and $24,000 for married couples. However the additional $1,300 to $2,600 deduction currently available to individuals over 65 or blind will still be available and was not repealed in the new tax laws.

For married couples where both spouses are above 65, the additional deduction doubles to $2,600 as both are eligible for this additional deduction. For singles the deduction is $1,600. This additional deduction can be claimed from 2018 on on top of the larger standard deduction that will be available to most tax payers under the GOP tax reform.