Irs Standard Deduction Seniors Over 65 2024. You pay tax as a percentage of your income in layers called tax brackets. The standard deduction is a predetermined amount that reduces your taxable income, lowering the income subject to tax.
Claiming the standard deduction for seniors over 65 is a straightforward way to reduce tax liability and increase disposable income. The additional standard deduction amount for 2024 is $1,550 ($1,950 if unmarried and not a.