Standard Deduction For 2024 Taxes 65 And Over

Standard Deduction For 2024 Taxes 65 And Over. The standard deduction amounts for 2024 have increased to $14,600 for single filers, $29,200 for joint filers and $21,900 for heads of household. Seniors over age 65 have access to an additional $1,850 standard deduction on top of their base rate, which helps reduce taxable income and gives them.

Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024.