Sacramento, CA – California seniors aged 65 and older can benefit from an extra standard deduction that reduces their taxable income, providing financial relief during tax season. This extra deduction is designed to help seniors save money and lower their overall tax burden.
What is the Extra Standard Deduction for Seniors?
In California, seniors who are 65 or older can qualify for an additional standard deduction when filing their state income taxes. This extra deduction is available to those who meet the age requirement and helps to lower taxable income, thus reducing the amount of taxes owed.
According to the California Franchise Tax Board, seniors who qualify for this deduction can claim it when filing their Form 540.
Eligibility Requirements for Seniors Over 65
To qualify for the extra standard deduction, seniors must meet the following criteria:
- Be 65 years or older by the end of the tax year
- Be a California resident for tax purposes
- File a California income tax return
The extra deduction applies to both individuals and married couples, with additional benefits for joint filers.
How Much Is the Extra Deduction?
For single filers and head of household, the extra deduction is $1,700. For married couples filing jointly, the deduction is $3,400. This can significantly lower the amount of taxable income for seniors, especially those with fixed incomes or Social Security benefits.
How to Claim the Extra Standard Deduction
Seniors must claim the extra deduction on their California state income tax return, typically using Form 540. Tax preparation software or professional tax advisors can ensure that the extra deduction is applied correctly.
The California Franchise Tax Board provides detailed instructions on how to claim this deduction when filing your taxes.
Additional Considerations for California Seniors
In addition to the extra standard deduction, seniors may be eligible for other tax breaks, such as the California Senior Property Tax Exemption or tax credits related to medical expenses or long-term care.
Are you taking advantage of the extra standard deduction in California? Share your experiences or questions in the comments below.
