Irs 2024 Standard Deduction For Seniors

Irs 2024 Standard Deduction For Seniors. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. You pay tax as a percentage of your income in layers called tax brackets.

Taxpayers who are age 65 or older can claim an additional standard deduction, which is added to the regular standard. Taxpayers who are 65 and older, or are blind, are eligible for an additional standard deduction.