Work Ideas Flashcards
1
Q
What are the standard deductions for 2021 for a single 64 year old and a single 65 year old?
A
64 year old - 12,550
65 year old - 14,250
2
Q
How much do we add for each spouse of a joint return who is 65 or older?
A
$1,350, or $2,700 if both spouses are 65 or older.
3
Q
If you have a self-employed retiree, what can be deducted as medical expenses (assuming no other coverage is available)?
A
Can deduct parts B and and D plus Gap Insurance on page 1 of 1040 rather than itemize.
