Irs 2024 Standard Deduction For Seniors

Irs 2024 Standard Deduction For Seniors. In general, the irs adjusts the standard deduction each year for inflation. The standard deduction for couples filing jointly will be $29,200, up $1,500 from 2023;

The standard deduction is a major way most americans reduce their taxable income each year — and with inflation’s burn, the deduction’s amount will jump higher in. The additional standard deduction for the aged or the blind will be $1,550.