2024 Standard Deduction Over 65 Single

2024 Standard Deduction Over 65 Single. The personal exemption for 2024 remains at $0 (eliminating the personal exemption was part of the tax cuts and jobs act of 2017 (tcja). Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum 401k and maximum ira contribution levels, etc.).

If you don’t itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.