Eudora Hillary

Standard Deduction 2024 Age 65. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750. Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens.

The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or $30,700. “for example, if married taxpayers have $10,000 of state and local tax deductions, $8,000 of mortgage interest, and usually makes $4,000 of charitable gifts each year, they will.