Senior Deduction For 2024. That law has substantially increased the standard deduction amount for seniors filing jointly to $30,700 for the 2023 filing year. 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.
Gather all of your earnings paperwork, tax credits and finally deduction information. The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year.
For 2024, The Additional Standard Deduction Amount For The Aged Or The Blind Is $1,550.
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For Taxpayers Who Are Married And Filing Jointly, The Standard Deduction For The 2024 Tax Year Was Increased To $29,200, Up $1,500 From 2023.
The personal exemption for 2024 remains at $0.
How Much Is The Additional Standard Deduction?
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The Irs Has Released The Standard Deduction Amounts For 2024, Which Increase The Amounts That Will Be Available On 2023 Tax Returns.
Those aged 65 and over get their taxable incomes lowered with a larger standard deduction.
What Is The Extra Standard Deduction For Seniors Over 65 In 2024?
For 2024, the additional standard deduction amount for the aged or the blind is $1,550.
Each Joint Filer 65 And Over Can Increase The Standard Deduction By $1,550 Apiece, For A Total Of $3,100 If.