Tax Tips For People 65+ And Family Caregivers

To consent and proceed, click “Continue to Site.” By Deb Hipp, Next Avenue Contributor If you’re trying to figure out how the Tax Cuts and Jobs Act, the sweeping tax law that took effect in 2018, has changed deductions for people 65 and older and family caregivers, you’re not alone. The 2019 tax season brings several changes that affect these people filing federal returns for 2018, including higher standard deductions, elimination of the personal exemption, modified itemized deduction rules and a new $500 dependent credit that can benefit family caregivers. Here is what you need to know before filing your 2018 federal income taxes: Increased Standard Deduction Amounts Standard deduction amounts roughly doubled for tax year 2018: You can take the standard deduction or itemize on Schedule A, but you can’t choose both. If you don’t itemize deductions and are 65 or older, you may be entitled to a higher standard deduction, ranging from an additional $1,300 to $1,600. (See IRS Publication 554 to determine your standard deduction. Read more here >>>

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