Understanding the Higher Standard Deduction for Taxpayers 65 and Older

If you’re 65 or older, tax season just got a little brighter. The standard deduction — which reduces your taxable income — offers a significant boost for seniors, helping you keep more of your hard-earned money.

What is the standard deduction for 2024?

The standard deduction for the 2024 tax year has increased from 2023, providing even more savings:

• Single filers & married filing separately: $14,600 (up $750 from 2023)
• Married filing jointly: $29,200 (up $1,500 from 2023)

Extra benefits for taxpayers 65 and older

Here’s where it gets even better. If you or your spouse are 65 or older, your standard deduction increases further:

• Single filers 65+: add $1,950, bringing your deduction to $16,550.
• Married filing jointly 65+: add $1,550 for each filer aged 65 or older. If both spouses qualify, that’s an additional $3,100, making your total deduction $32,300.

This increased deduction can significantly reduce your taxable income, potentially lowering the amount you owe or increasing your refund.

How to maximize your savings

If you’re 65 or older, you’ve earned these extra benefits. At DeLaney & Co. CPA, we specialize in helping individuals and couples take full advantage of their deductions and credits.