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G
garellio
March 24, 2025
Question

i have questions about notice 703.

  • March 24, 2025
  • 1 reply
  • 0 views
does the threshold of earning 25000, single senior, change with the increase in cola?

1 reply

JohnB5677
JohnB5677
March 24, 2025

If your referring to the Standard deduction it has increased for 2024.

However, a single senior is $14,600 + $1,950 = $16,550

 

The standard deduction amounts for 2024 are:

  • $29,200 – Married Filing Jointly or Qualifying Surviving Spouse
  • $21,900 – Head of Household
  • $14,600 – Single or Married Filing Separately

For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:

  • $1,950 for Single or Head of Household
  • $1,550 for married taxpayers or Qualifying Surviving Spouse

You can also see: The difference between standard and itemized deductions, and what they mean

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