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:

Collecting Bank

A bank that processes checks and other instruments for payment on behalf of the payee.

Secondarily Liable

Being indirectly responsible for a debt or obligation, where primary liability falls to another party.

Endorser

One who issues an endorsement.

Instrument

A formal written document effecting legal rights or obligations, such as a contract or financial document.