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If you're over age 65, you should fill out the Standard Deduction Worksheet for Line 40 of Form 1040 for 2008 returns. It's on page 35. The standard deduction for Single for 2008 is $5,450 ($5,700 for 2009). Add $1,350 for Single over 65 (same amount for 2009). Your total standard deduction for 2008 is $6,800 ($7,050 for 2009).
For more information, go to www.irs.gov/formspubs for Publication 501 (Exemptions, Standard Deduction, and Filing Information) and Publication 554 (Tax Guide for Seniors).
What else can I help you with?
In 2008 the number of Americans aged 65 and over represented what percent of total population?
13 %
During the period if 2006 2008 what percent of individuals aged 65 and over rated their as good very good or excellent?
During the period of 2006 to 2008, approximately 80% of individuals aged 65 and over rated their health as good, very good, or excellent.
How many people in the U.S. were over 100 years old in 2008?
About 70,000 compared with about 40,000 in Japan.
How has the standard of living increased over the last hundred years?
The standard of living has increased over the last hundred years due to technological advancements, increased access to education, improved healthcare, and overall economic growth. This has resulted in higher incomes, better living conditions, longer life expectancies, and an overall improvement in quality of life for many people around the world.
Do seniors get a break on federal income tax?
People who are over 65 or blind are allowed to take an additional personal exemption on their federal income tax return. This does amount to a "break" of sorts. (If you're blind AND over 65, you don't get to take TWO additional personal exemptions, though.)
What is the standard deduction for a married couple over 65 years of age filing jointly for the 2017 tax year?
If you are not itemizing and you are *both* over age 65, then the standard deduction for the couple would be $15,200.00.
Should i use itemized deduction or standard deduction?
When it comes to reducing your tax burden, itemizing deductions may be the way to go. The standard deduction is certainly easier, and might be a better option if you have a simple tax situation or don't own a home. If you have numerous itemized deductions such as mortgage interest, charitable contributions, etc., it may make sense for you to itemize your deductions instead of using the standard deduction for your tax filing status. If you itemize and it totals over the standard deduction then itemizing is the way to go or the other way around if the standard deduction is larger.
When do you start paying federal and state income taxes?
When you make over the standard deduction, which is $12,400 for a person filing single.
Can standard deduction be used if AGI over 309900?
If you are not sure of a question like this then you will need to seek professional tax assistance with a matter like this. You probably can use the standard tax deduction but then again you will certainly have several credits and deductions that will be phased out fully or at least partially phased out. Most like, depending on the situation, you probably would come out better by filing an itemized return rather that using the standard deduction.
Why do people use deduction?
If the amount of itemized deductions is more than your standard deduction the amount over your standard deduction amount would decrease your taxable income amount and this would decrease your federal income tax liability.
What is a voluntary income deduction?
Voluntar income deduction is money taken from your gross pay that you have control over.
In 2003 you lost 5000 and claimed max deduction 3000 but at that time you did not know the carryover rule how can you claim the lost 2000 of the year 2003 in 2009 you did carryover 2004 to 2008?
Claiming is an element that best at times be presided over with watchfulness by max deduction 3000
How do you get over youre best friend who you've been in love with for over a year?
Drugs.
What to do when youre sad because of your crush?
Build a bridge and get over it.
What is the maxiumum deduction for junk car donation?
There isn't a set in stone maximum deduction. However since 2005 the IRS has adopted tougher rules limiting the deduction to the actual sales price of the car if it is over 500$. The charity has to notify you of this within 30 days, but you have no right to know what the deduction will be before you donate the vehicle.
What is a triple wegie?
its when someone pulls youre underwear 3times. and a atomic wiegie is when someone pulls your underwear and puts it over youre eyes
What kind of documentation is required to claim a tax deduction for a car donation?
For any deduction claimed over $500 you must attach an IRS form 8283 to your itemized return.
