Standard Tax Deduction 2024 For Seniors Over 70. The standard deduction for couples filing jointly is $29,200 in 2024, up from $27,700 in the 2023 tax year. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed.
Depending on your tax rate and filing status, you’ll. Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens.