Standard Deduction For Seniors 2024 Tax Year

Standard Deduction For Seniors 2024 Tax Year. The standard deduction is a common tax provision that allows seniors over 65 years old to reduce the amount of taxable. For example, in the tax year 2023, if you’re single and 65+, you can add an extra $1,850 to your standard deduction, bringing up the total to $15,700.

Taxpayers who are 65 and older, or are blind, are eligible for an additional standard deduction. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.