If Tim is 67 years old, not blind, and filing as Single, what is his standard deduction?

For the tax year in question, the standard deduction for a single filer under the age of 65 is set at $12,950. However, individuals who are 65 or older are eligible for an additional standard deduction amount. Tim, being 67 years old, qualifies for this additional deduction.

The additional amount for taxpayers aged 65 or older is $1,400 if filing as single. Therefore, to calculate Tim’s standard deduction, you start with the base standard deduction and add the additional amount for his age. This results in:

$12,950 (standard deduction for single filers) + $1,400 (additional amount for those 65 and older) = $14,350.

However, the number indicated in the choices provided suggests that there might be an assumption based on future tax brackets or estimates for inflation adjustments.

Nonetheless, the standard practice for the tax year would see Tim's standard deduction correctly established at $14,350, aligning with the general calculation for individuals in his age group. If you're focusing on the standard deduction coveted for Tim, it fully incorporates his age status.