IRS VITA/TCE Advanced Certification

Taxpayers who are 65 and Older or are Blind For 2016, the additional standard deduction for taxpayers who are 65 and older or blind is: **Single or Head of Household - $1,550 (no change) **Married taxpayers or Qualifying Widow(er) - $1,250 (no change) Personal Exemptions (Changes to 2016) ANSWER-The amount a taxpayer can deduct for each increased to $4,050 (Increase of $50) Standard Mileage (Changes to 2016) ANSWER-The following rates are in effect: **54 cents per mile for business miles driven **19 cents per mile driven for medical or moving purposes **14 cents per mile driven in service of charitable organizations (no change) Eligible Long-Term Care Premium Limits (Changes to 2016) ANSWER-The maximum amount of qualified long-term care premiums includible as medical expenses has increased. Qualified long-term care premiums, up to the amounts shown below, can be included as medical expenses on Form 1040, Schedule A, Itemized Deductions: $390 – age 40 or under $730 – age 41 to 50 $1,460 – age 51 to 60 $3,900 – age 61 to 70 $4,850 – age 71 and over Health Savings Account (HSA) Deduction (Changes to 2016) ANSWER-The annual