Irs 2024 Standard Deduction For Seniors Over 65. For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: The extra standard deduction, available for seniors, continues to provide valuable tax benefits in 2023 and is expected to do so in 2024.
Taxpayers will also see an increase on their standard deduction. There’s even more good news for older taxpayers.
Older Adults Have Special Tax Situations And Benefits.
Claiming the standard deduction for seniors over 65 is a straightforward way to reduce tax liability and increase disposable income.
For Tax Year 2023 (Filed In 2024), Standard Deductions Have Been Increased To $13,850, $27,700 And $20,800 For Singles Or Married But Filing Separately, Married Couples.
For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:
Tax Information For Seniors &Amp; Retirees.
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If You Or Your Spouse Were Age 65 Or Older Or Blind At The End Of The Year, Be Sure To Claim An Additional Standard Deduction By Checking The Appropriate Boxes For Age Or Blindness On Form.
Claiming the standard deduction for seniors over 65 is a straightforward way to reduce tax liability and increase disposable income.
Learn How It Affects Your Taxable Income And Any Limits On Claiming It.
For 2024, the additional standard deduction amount for the aged or the blind is $1,550.