Irs 2024 Standard Deduction For Seniors . 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. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.
You pay tax as a percentage of your income in layers called tax brackets. The irs unveiled new tax brackets and larger standard deductions for 2024, allowing most americans to hold on to more of their income to keep up with inflation.
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