Standard Deduction Over 65 For Tax Year 2024. Here's a quick overview of what the standard deduction is, which taxpayers it works best for, and the standard deduction amounts for tax years 2023 and 2024. You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.
The personal exemption for 2024 remains at. Plus, learn about the additional.
Single Filers Will See An Increase Of $750 And Joint Filers Will Receive A $1,500 Bump In Their Standard.
If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year.
The Personal Exemption For 2024 Remains At.
Taxpayers 65 and older and those who are blind can claim an additional standard deduction.
[* Section 103 (A) Of The Jobs And Growth Tax Relief Reconciliation Act Of 2003 (P.l.
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The Tax Brackets, Standard Deduction, And The Capital Gains Tax Cutoff Point For Single And Married Filing Jointly Filing Statuses Will Go Up In 2023.
Taxpayers will also see an increase on their standard deduction.
Taxpayers 65 And Older And Those Who Are Blind Can Claim An Additional Standard Deduction.
For 2024, the additional standard deduction amount for the aged or the blind is $1,550.