2024 Standard Deduction Amount Seniors

2024 Standard Deduction Amount Seniors.  — seniors over age 65 have access to an additional $1,850 standard deduction on top of their base rate, which helps reduce taxable income and gives them.  — the internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.

The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. The maximum deduction amount in case of a senior citizen is ₹ 1 lakh.