Once They Reach Age 65, Many Taxpayers Will Switch from Itemizing

question 131

True/False

Once they reach age 65, many taxpayers will switch from itemizing their deductions from AGI and start claiming the standard deduction.

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Definitions:

Cognitive Impairment

A reduction in cognitive abilities, such as memory, decision-making, and problem-solving skills, affecting daily functioning.

Schizophrenia

A chronic and severe mental disorder that affects how a person thinks, feels, and behaves, often resulting in some combination of hallucinations, delusions, and extremely disordered thinking and behavior.

Psychotherapy

A therapeutic treatment involving psychological methods, particularly when based on regular personal interaction, to help a person change behavior and overcome problems in desired ways.

Schizophrenia

A mental disorder characterized by disturbances in thought, perception, and behavior, leading to a detachment from reality.