Current Standard Deduction 2024 For Seniors

Current Standard Deduction 2024 For Seniors. How does standard deduction reduce taxable income? 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.

The deduction is allowed for a maximum interest income of up to ₹ 50,000. It’s called the extra standard deduction, exclusively for people who are 65 years and older by the end of the tax year.