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:

Financial Support

Assistance with money provided to help an individual, group, or organization, often critical during crises or for continuing operations.

Middle-Aged Adults

Individuals typically ranging from approximately 45 to 65 years of age, often characterized by specific social roles and health considerations.

Middle Adulthood

A stage of life, typically defined as the period between early adulthood and old age, known for significant personal, social, and professional development.

Number of Friends

A quantitative measure reflecting the count of individuals one considers to be friends, often used as an indicator of social connectivity or isolation.