Submitted By: someone
Answered: March 1, 2021 9:02 pm

Is there any age break for avoiding federal income taxes?

Seniors generally are subject to the same tax rules as other individuals when it comes to reporting income and claiming deductions and credits. However, those age 65 and older can claim an additional standard deduction amount, which reduces the tax bill for seniors.

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Tax Glossary

Required Minimum Distributions (RMDs)

Distributions that must be taken annually to avoid a 50% IRS penalty by a traditional IRA account holder starting with the year age 70?

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