2024 Standard Deduction Over 65. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an.
From hiking the standard deduction limit in the new tax regime to tweaking tax slabs to simplifying capital gains tax โ budget 2024 has changed a host of tax rules that will. The standard deduction for taxpayers over the age of 65 is higher than for younger taxpayers, acknowledging the unique financial challenges faced by this age group.