Income Tax Standard Deduction 2024 Over 65. It’s the simplest way to reduce your taxable income on your tax return. Higher standard deduction for age (65 or older).

According to the social security administration, recipients must currently pay federal income taxes if combined income — 50% of the benefit amount plus any. The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or.