What Is The Standard Deduction For 2024. But, to make your decision, you must know the standard deduction amount for each tax year and how additional standard deduction benefits exist for people over 65. The budget expectations are high with wishlist from each sectors, and expectations for salaried taxpayers of substantial income tax relief with changes in the new income tax regime, standard deduction, and.
People who are age 65 and over have a higher standard deduction than the basic standard deduction. Federal tax brackets range from.