Standard Deduction 2024 Over 65

Standard Deduction 2024 Over 65. A married couple of two 65+ adults would take a total deduction of $27,700 (standard deduction) plus $1,500 for one 65+ adult plus $1,500 for second 65+ adult — a total. 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 a specific dollar amount that reduces the amount of income on which you’re taxed. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;