What Is The Standard Deduction For 2024 Irs. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. You deduct an amount from your income before you calculate taxes.

The irs has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns. The standard deduction can lower a taxpayer’s taxable income by allowing them to deduct a specified amount defined by the irs on their tax.