2024 Standard Deduction Amount Seniors

2024 Standard Deduction Amount Seniors. 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. Single or married filing separately—$13,850.

If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to. Trump’s 2017 tax law helped clean up the tax code, narrowing deductions for state and local taxes, as well as mortgage interest, while vastly.