Elders can still grab this tax break under the new tax law: the additional standard withdrawal.
The “Tax Cuts and Jobs Act,” which President Donald Trump signed into law on Dec. 22, doubles the exemplar deduction to $12,000 for single filers and $24,000 for joint filers who are match up.
The legislation also leaves intact the additional standard deduction for filers who are 65 and closed or blind, allowing them to claim an additional $1,300 when they column their 2018 taxes.
This means that two married taxpayers who are both through 65 can lower their taxable income by an extra $2,600.
Single filers who are unthinking or over 65 are eligible for a $1,600 additional standard deduction, on top of the $12,000 they get from the new tax law.
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