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Chapter 6. Income Taxes > The Over-65 Crowd

The Over-65 Crowd

Unmarried taxpayers who are at least sixty-five years old got an initial break on their 2002 federal income tax returns by not even having to file a tax return unless their gross income was $8,850, which is $1,150 more than younger taxpayers. Married couples who are both over sixty-five years old filing a joint return did not have to file a 2002 return until their gross income reached $15,650. When both husband and wife were under sixty-five years old in 2002, the threshold for having to file a tax return was $13,850. Married couples with only one spouse sixty-five or older had to file a 2002 federal income tax return once their joint income reached $14,750. These amounts are adjusted each year by the IRS for inflation.

Being over sixty-five will not only get you a free cup of coffee at some hamburger joints, but will also get you an additional standard deduction allowance if you do not itemize your deductions. By the way, if you do get that cup of coffee, either make sure you do not spill it or if you do, get a good lawyer. Single taxpayers over sixty-five get an additional $1,150 deduction, married taxpayers an additional $900 each. The standard deduction for singles over sixty-five is $5,850. For those married and filing jointly, the standard deduction is $9,650 if both are over sixty-five or $8,750 if only one admits to being over sixty-five.


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