2024 Standard Deduction For Seniors Over 65. Nirmala sitharaman's budget 2024 raises standard deduction to rs 75,000 for salaried individuals and pensioners, and rs 25,000 for family pensioners. Senior taxpayers aged 65 and older receive a higher standard deduction.
The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or $30,700. The personal exemption for 2024 remains at $0.
Standard Deduction For Salaried Class Increased From 50,000 To 75,000 In A Bid To Give A Boost To Salaried Taxpayers, Finance Minister Nirmala Sitharaman On.
The personal exemption for 2024 remains at $0.
There’s Even More Good News For Older Taxpayers.
If you are a single senior over the age of 65, you can claim an additional standard deduction of $1,950, married seniors are entitled to an additional $1,550.
2024 Standard Deduction For Seniors Over 65 Images References :
The Standard Deduction For Seniors Over 65 Is $27,300 For Married Couples Filing Jointly And $14,700 For Single Filers.
Income tax slabs, union budget 2024 live:
Senior Taxpayers Aged 65 And Older Receive A Higher Standard Deduction.
If you are 65 or older and blind, the extra standard deduction is: