Current Standard Deduction 2024 For Seniors

Current Standard Deduction 2024 For Seniors. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. The standard deduction for seniors over 65 filing jointly is $27,300.

The standard deduction for seniors is rs.50,000, as per the most current revisions to the income tax act. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.