Question

Morgan Freeman, 86 year old widower, lost his wife in 2020 & has remained single since. With no dependents, he currently resides by himself. What would be his standard deduction for the tax year 2023

Answer 1

An 86 year old widower like Morgan Freeman would qualify for an increased standard deduction for the tax year 2023 due to his age. The exact amount would be higher than the base standard deduction for single filers, as seniors over 65 receive an additional amount.

Step-by-step explanation:

The standard deduction for an 86 year old widower like Morgan Freeman for the tax year 2023 depends on his filing status and age. Since he is over the age of 65, he is eligible for an additional standard deduction on top of the base amount for single filers. The IRS typically increases the standard deduction each year to keep pace with inflation. Although the exact amounts for the 2023 standard deduction are not provided here, for the 2022 tax year, the standard deduction for a single filer over the age of 65 was $14,700 ($12,950 + $1,750). If the same pattern holds, it can be expected to be slightly higher for 2023 due to annual adjustments.

Answer 2

For the tax year 2023, 86-year-old Morgan Freeman can claim a standard deduction of $15,700, which includes the base amount for a single filer ($13,850) and an additional amount for being 65 or older ($1,850).

Step-by-step explanation:

The subject of the question pertains to determining the standard deduction for Morgan Freeman for the tax year 2023. Given that Morgan Freeman is an 86-year-old widower with no dependents, his tax filing status is likely to be single. The IRS typically adjusts the standard deduction amounts each year for inflation.

For the tax year 2023, the standard deduction for a single filer is $13,850. However, taxpayers who are aged 65 or older are entitled to an additional standard deduction. For single filers, this additional amount is $1,850. Since Morgan Freeman is 86 years old, he qualifies for this additional deduction. Therefore, the total standard deduction that he can claim on his tax return for 2023 would be the sum of the standard deduction for a single filer ($13,850) and the additional standard deduction for seniors ($1,850), amounting to $15,700.