2024 Standard Deduction Single Senior

2024 Standard Deduction Single Senior.  — the standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or. (returns normally filed in 2025) standard deduction amounts increased between $750 and $1,500 from 2023.

If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years.