Im turning age 65 and I see a box to check for that on the tax form. How does being age 65 affect taxes?
- posted
15 years ago
Age 65
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- posted
15 years ago
3 ways:
The threshold of taxable gross income for having to file is higher. (see the next item as to why this happens.)
The standard deduction is higher.
You may be eligible for the Credit for the Elderly.
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- posted
15 years ago
A 4th possibility: You may no longer be eligible for the Earned Income Credit.
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- posted
15 years ago
True, if you have no qualified children.