2024 Standard Tax Deduction Amount For Seniors . The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay.
The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023. If you are 65 or older or blind, you can claim an additional standard deduction.
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