For the 2021 tax year, taxpayers born on or before January 1, 1957, may qualify to claim an age deduction based on birth date, filing status and income. A taxpayer who claims an age deduction may not claim either of the following:
If your birth date is:
- Credit for Low Income Individuals or Virginia Earned Income Credit: You may not claim both an age deduction and a credit for low income or Virginia Earned Income Credit. For married taxpayers filing separate returns, if one spouse claimed a credit for low income or Virginia Earned Income Credit, neither spouse can claim an age deduction.
- Disability Subtraction: If you claim an age deduction, you may not claim a disability subtraction. For married taxpayers, each spouse, if eligible, may claim either an age deduction or a disability subtraction. You should claim the deduction or subtraction that gives you the greatest tax benefit.
Taxpayers Age 65 & OlderIf you, or your spouse, were born on or before January 1, 1957, you may qualify to claim an age deduction of up to $12,000 each for 2021. The age deduction you may claim will depend upon your birth date, filing status and income.
If your birth date is:
- On or before January 1, 1939: You may claim an age deduction of $12,000. If you are married, each spouse born on or before January 1, 1939, may claim a $12,000 age deduction. For individuals born after January 1, 1939, the age deduction is based on the following criteria.
- On or between January 2, 1939, and January 1, 1957: Your age deduction is based on your income. A taxpayer's income, for purposes of determining an income-based age deduction is the taxpayer' s adjusted federal adjusted gross income or "AFAGI." A taxpayer's AFAGI is the taxpayer's federal adjusted gross income, modified for any fixed date conformity adjustments, and reduced by any taxable Social Security and Tier 1 Railroad Benefits.
- For All Married Taxpayers, whether filing jointly or separately, the maximum allowable age deduction of $12,000 each is reduced $1 for every $1 the married taxpayers' joint AFAGI exceeds $75,000.
- For Filing Status 1, Single Taxpayer, the maximum allowable age deduction of $12,000 is reduced $1 for every $1 the taxpayer's AFAGI exceeds $50,000.