Standard Deduction For 2024 Tax Year Over 65

Standard Deduction For 2024 Tax Year Over 65. The standard deduction amounts for 2023 are $27,700 if you’re married filing jointly (an increase of $1,800 from 2022), $20,800 for heads of households (a $1,400 gain) and $13,850 for. The 2024 standard deduction for tax returns filed in 2025 is $14,600 for single filers, $29,200 for joint filers or $21,900 for heads of household.

And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023. The standard deduction is a common tax provision that allows seniors over 65 years old to reduce the amount of taxable income they owe.