Senior Standard Deduction For 2024 Tax Year. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an. 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.

It’s called the extra standard deduction, exclusively for people who are 65 years and. The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed.