Q:

What is the standard deduction for taxpayers over age 65?

A:

Quick Answer

As of 2015, the standard deduction for taxpayers over age 65 filing singly is $7,750 and $14,800 for taxpayers who are married filing jointly, explains Daily Finance. The IRS considers a person to reach the age of 65 on the day before his birthday, explains the Internal Revenue Service.

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Full Answer

Taxpayers under the age of 65 can take the higher standard deduction if their spouses are age 65 or older or blind and they file joint returns. The standard deduction helps to reduce a taxpayer's taxable income and eliminates the need for the taxpayer to itemize actual deductions, such as taxes and medical expenses, on Schedule A of Form 1040, explains the IRS.

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