Irs Standard Deduction Tax Year 2024 Over 65. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; For 2025, the standard deduction will rise by $400 to $15,000 for single filers, $800 to $30,000 for married couples filing jointly, and $600 to $22,500 for heads of household.
The standard deduction reduces your adjusted gross income (agi) to help lower your federal. If you don’t itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year.
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