2024 Income Tax Standard Deduction Over 65. Find the new rates and information on extra benefits for people over 65. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.
A larger overall deduction for older adults further reduces their taxable income, and that means a smaller tax bill and more money in your pocket. When you turn 65, the irs offers you a tax benefit in the form of an extra standard deduction for people age 65 and older.