Irs 2024 Standard Deduction For Seniors. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
In general, the irs adjusts the standard deduction each year for inflation. In total, a married couple 65 or older would have a.