Standard Deduction For 2024 For Seniors Over 60

Standard Deduction For 2024 For Seniors Over 60. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an. $3,700 if you are single or filing as head of household.

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. 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.