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

Qualified plan

A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.

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