TAX
BREAKS
FOR FILERS
OVER 50
P
eople often lament about grow-
ing older; but as the saying goes
there are only two guarantees in
life; death and taxes. So, if you are
reading this, count yourself lucky that you
only have to deal with taxes.
Making it to the half-century mark should
come with certain rewards, and the IRS is
ready to hand them out. Once you turn 50
years old you begin to qualify for certain
tax breaks that younger taxpayers don't en-
joy, including the ability to contribute more
to retirement accounts.
Some of the breaks date back 20 years,
when they were included in the Economic
Growth and Tax Relief Reconciliation Act
that took effect in 2002, the AARP report-
ed. The provisions were put in place be-
cause some lawmakers worried that boom-
ers weren't saving enough for retirement.
Other tax-saving provisions were added in
the Tax Cut and Jobs Act of 2017.
