Did citizens over 65 years old get any major tax deductions in 2014?


Quick Answer

Citizens over the age of 65 are eligible for an increase in the standard deduction amount for the year 2014, explains the Internal Revenue Service. Taxpayers 65 and older add another $1,550 to their standard deductions if filing singly, explains TurboTax.

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Full Answer

If a taxpayer is married and filing jointly, and one taxpayer is 65 or older, the standard deduction is increased by $1,200, states TurboTax. If both taxpayers married and filing jointly are 65 or older, the standard deduction increases by $2,400. For the purpose of filing the 2014 return, the IRS considers a taxpayer to be 65 if he was 65 on December 31, 2014.

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