Standard Deduction For 2024 Over 65. You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind. If you are 65 or older and blind, the extra standard deduction is:
Increase in standard deduction limit. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.
The Standard Deduction For A Single Person Will Go Up From $13,850 In 2023 To $14,600 In 2024, An Increase Of 5.4%.
For 2024, that extra standard deduction is $1,950 if you are single or file as head of household.
The Only Deduction Salaried Taxpayers Get Is A Standard Deduction Of Rs 50,000.
To further enhance attractiveness of the new tax regime, there is the expectation to tweak the tax slab rates by increasing the 30% tax.
Standard Deduction For 2024 Over 65 Images References :
If You Are 65 Or Older Or Blind, You Can Claim An Additional Standard Deduction.
To further enhance attractiveness of the new tax regime, there is the expectation to tweak the tax slab rates by increasing the 30% tax.
