2024 Standard Deduction Over 65. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Seniors over age 65 have access to an additional $1,850 standard deduction on top of their base rate, which helps reduce taxable income and gives them more financial.

The personal exemption for 2024 remains at $0. In 2024, the standard deduction is $14,600 for singles, $29,200 for joint filers, and $21,900 for heads of household.