Standard Tax Deduction 2024 For Seniors. For 2023, the standard deduction amount has been increased for all filers. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.
Taxpayers who are age 65 or older can claim an additional standard deduction, which is added to the regular standard deduction. At the federal level, our social security benefits will be taxed depending on our income threshold.