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.

---

Definitions:

Product Market

The marketplace where final goods or services are traded between sellers and consumers or businesses.

Pay Grades

Sets of jobs having similar worth or content, grouped together to establish rates of pay.

Market Rates

The prevailing price or salary range for goods, services, or labor in a specific industry or geographic area.

Key Jobs

Positions that are crucial for the operation and success of an organization, often requiring specialized skills or serving critical functions.