2024 Standard Deduction Married Jointly For Senior Citizens

2024 Standard Deduction Married Jointly For Senior Citizens. Alternative minimum tax exemption increased. Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens.

The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023. Senior citizens have higher deduction limits and exemption benefits than younger taxpayers.