Standard Deduction 2024 Over 65

Standard Deduction 2024 Over 65. Taxpayers get a higher standard deduction when they turn 65 or are blind. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed.

The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. 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.