2024 Increased Standard Deduction for Seniors Over 65: Key Highlights
Mature woman and senior man using laptop in living room, Portrait of Worried senior couple checking their bills and work on netbook read document information at home
As tax season approaches, seniors over 65 are encouraged to explore the benefits of the standard deduction, an essential aspect of tax planning that can lead to significant savings.
For the 2024 tax year, the standard deduction for individuals aged 65 and older has increased, providing additional financial relief and potential tax savings.
The standard deduction for senior taxpayers has traditionally been higher than that for younger individuals, reflecting the ongoing commitment to support those approaching or in retirement.
For the tax year 2024, the standard deduction for married couples aged 65 and over is $27...