Dulcy Glennis

Income Tax Standard Deduction 2024 For Seniors. The standard deduction is increasing by more than 5% for 2024 income tax returns, which will be filed in 2025. The standard deduction is the specific dollar amount, set each year by the irs, that lowers the amount of income on which you pay tax.

Learn how much standard deduction you can claim for 2024 based on your filing status, age, blindness and dependency. Find out the standard deduction amount, alternative minimum tax exemption, earned income credit, and other tax benefits for seniors in 2023.