Republican tax plan retains popular tax break for seniors (video)


The Republican tax plan signed into law by President Donald Trump on Dec. 22 retained a popular tax break utilized by senior citizens.

The “Tax Cuts and Jobs Act” allows seniors to continue to take an additional standard deduction when filing their 2018 federal taxes, according to CNBC.

Under the new plan, the standard deduction has been doubled to $12,000 for single filers and $24,000 for joint filers who are married.

The Republican plan continues to allow an additional standard deduction to be taken by filers who are age 65 and over or blind, enabling them to claim $1,300 more in deductions on 2018 tax filings.

For the 2018 federal tax year, two married taxpayers, who are both over 65, will be able to lower their taxable income by an additional $2,600.

Seniors over 65 who are single or blind are eligible for an additional standard deduction of $1,600 along with the $12,000 they receive from the new tax law.

If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).

To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.


Comment via Facebook

Send this to a friend