Standard Tax Deduction 2024 For Seniors

Standard Tax Deduction 2024 For Seniors. Each year when you fill out your federal income tax return, you can either take the standard deduction or itemize deductions to reduce your taxable income. If you or your spouse were age 65 or older or blind at the end of the year, be sure to claim an additional standard deduction by checking the appropriate boxes for age or blindness.

The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. It varies by filing status, whether the taxpayer is 65 or older and/or blind and whether.