As a senior living in Nevada, you’re likely already aware of the state’s progressive tax system. But did you know that there’s a special extra standard deduction just for seniors over 65? This lesser-known tax break can help reduce your taxable income and keep more of your hard-earned cash.
According to the Nevada Deptartment of Taxation, this extra standard deduction is meant to help low- and moderate-income seniors cover basic living expenses. However, many seniors are still unclear about the specifics and how to claim it. That’s why this article will break down everything you need to know about Nevada’s extra standard deduction for seniors over 65.
What is the Nevada Extra Standard Deduction?
The Nevada extra standard deduction is a special deduction available to Nevada residents who are at least 65 years old and have no dependents. This deduction is in addition to the standard deduction for single and joint filers listed in the tax tables.
As of 2022, the extra standard deduction for qualified seniors in Nevada is $2,425. However, this amount may be subject to change. It’s always best to check the latest tax tables and consult with a tax professional for the most up-to-date information.
How to Qualify for the Nevada Extra Standard Deduction
To qualify for the Nevada extra standard deduction, you must meet the following requirements:
1. Be at least 65 years old as of December 31st of the tax year;
2. Be a Nevada resident for the entire tax year;
3. Have a federal gross income of $25,000 or less; and
4. File a Nevada Form 505, Individual Income Tax Return (NR, R, or S filers).
It’s essential to note that you cannot claim the extra standard deduction if you have dependents, such as a spouse or children. However, you can still claim the standard deduction listed in the tax tables for joint filing if your income is below the filing threshold.
Claiming the Nevada Extra Standard Deduction on Your Tax Return
To claim the Nevada extra standard deduction on your tax return, you’ll need to complete the following steps on your Nevada Form 505:
1. Check the box on line 21 of the Form 505 for the Aged/Disabled Standard Deduction;
2. Complete the section on line 22 for the Special Standard Deduction – Members of the Armed Forces, and line 23 for the Special Standard Deduction for Blind Exemptions;
3. Make sure to include your social security number or Nevada driver’s license number and your first name, middle name and last name as assigned to your social security number to complete your identity.
Also, you should attach to the Nevada income tax return the Social Security number of any qualifying spouse and any physically and mentally challenged dependents. To ensure quick processing of any changes to your return you can use the online portal of the state to submit the updates required.
Additional Tips and Resources
While Nevada’s extra standard deduction can be a significant tax break, it’s crucial to understand the details and requirements carefully to ensure you qualify. Here are some additional tips and resources to help you navigate the process:
According to the Tax Counseling for the Elderly Program, a gratuito tax preparation and counseling service for seniors, seniors may also qualify for the Senior Circuit Breaker Tax Credit if they itemize their deductions. To see if you qualify for this credit, use the Nevada Department of Taxation’s Taxpayer Assistance website, and and see the article on taxations Social Security numbers, and then also the Nevada website dedicated to elder rights. https://www.tax.state.nv.us/how-do-i/file-a-income-tax-return
As always, if you’re unsure about the Nevada extra standard deduction or have any questions about your tax situation, consult a tax professional or advisor who is registered in the state of Nevada. They will be able to guide you through the process and help you make an informed decision.
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