In: Accounting
On page 3-7 (Section 3-1b, Standard Deduction), the text notes that individuals are allowed “additional standard deductions” if they are age 65 or older or if they are blind. On page 3-8, the text notes that the amount of a taxpayer’s basic standard deduction may be limited to the greater of $1,050 or the sum of $350 plus the taxpayer’s earned income if the taxpayer may be claimed as a dependent on another taxpayer’s return.