Standard Tax Deduction 2024 Over 65. Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior. You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.
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 63(c)(2) provides the standard deduction for use in filing individual income tax returns.
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