RICHMOND, Va. – For seniors living in Virginia, every dollar saved matters when it comes to taxes. One of the most significant benefits available is the extra standard deduction for individuals aged 65 and older. This deduction is designed to ease the financial burden on retirees by reducing taxable income, allowing them to keep more of their hard-earned money.
If you’re a Virginia resident either approaching retirement or already enjoying it, here’s what you need to know about how the state and federal standard deductions work for seniors.
What Is the Standard Deduction?
The standard deduction is a fixed amount that reduces your taxable income. Instead of itemizing deductions like mortgage interest, medical expenses, or charitable contributions, taxpayers can claim this flat deduction.
For most people, the standard deduction offers a simpler way to reduce taxes. However, seniors over 65 and those who are blind qualify for an extra deduction amount, making it even more valuable.
Federal Standard Deduction for Seniors
Before we dive into Virginia’s rules, it’s important to understand the federal standard deduction for seniors.
For the 2024 tax year, the federal standard deduction is:
- $14,600 for single filers.
- $29,200 for married couples filing jointly.
Seniors 65 or older receive an additional amount:
- $1,950 extra if filing single or head of household.
- $1,550 extra per spouse if married filing jointly and at least one spouse is 65+.
This means that a married couple where both spouses are over 65 can add $3,100 on top of their regular standard deduction.
Virginia’s Standard Deduction Rules
Virginia follows the federal guidelines for the most part but uses its own state-specific amounts for standard deductions.
For the 2024 tax year, the Virginia standard deduction is:
- $8,500 for single filers.
- $17,000 for married couples filing jointly.
Seniors 65 and older in Virginia can claim an additional $800 per eligible taxpayer.
This means:
- A single filer over 65 can claim $9,300 total.
- A married couple, where both spouses are 65+, can claim $18,600 total.
Who Qualifies for the Extra Deduction?
To qualify for Virginia’s additional standard deduction, you must meet the following criteria:
- You must be a Virginia resident.
- You must be 65 or older by the end of the tax year.
- You must be eligible to claim the standard deduction (those who itemize deductions cannot claim the extra standard deduction).
Why This Matters for Seniors
For seniors on fixed incomes, tax savings can have a direct impact on day-to-day living expenses. The extra standard deduction helps reduce taxable income, which in turn lowers the overall tax bill. This means more money stays in your pocket for essentials such as healthcare, groceries, and housing.
This benefit is also straightforward—there’s no complex paperwork involved. You simply indicate your eligibility when filing your Virginia state return.
Tips for Seniors Filing Taxes in Virginia
Here are a few tips to help seniors navigate tax season in Virginia:
- Review both federal and state rules carefully, as deduction amounts differ.
- Consider using tax software or hiring a professional preparer to ensure you claim the extra deduction correctly.
- Check your filing status—married couples may benefit from filing jointly if both qualify for the extra deduction.
- Look into other senior tax benefits, such as property tax relief programs available in some Virginia counties.
Conclusion
Virginia seniors over 65 have a significant financial advantage through the extra standard deduction. When combined with federal deductions, this tax break can lead to meaningful savings each year. By understanding the rules and ensuring you claim every eligible benefit, you can reduce your tax liability and keep more of your income to support your retirement.
