Standard Deduction For 2024 Taxes 65 And Over

Standard Deduction For 2024 Taxes 65 And Over. If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year.  — you can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.

 — for example, in the tax year 2023, if you’re single and 65+, you can add an extra $1,850 to your standard deduction, bringing up the total to $15,700.  — project 2025 proposes to “simplify” the tax code by collapsing the complex system into two tax brackets — 15 percent and 30 percent — while eliminating most.