2024 Standard Deduction For Seniors Of

2024 Standard Deduction For Seniors Of. Here's a quick overview of what the standard deduction is, which taxpayers it works best for, and the standard deduction amounts for tax years 2023 and 2024. Section 194p of the income tax act, 1961 provides conditions.

Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. If you’re married, filing jointly or separately, the extra standard deduction amount was $1,500 per qualifying individual.