Tax Year 2024 Standard Deduction For Seniors. The good news is that montana residents over age 65 can take a new standard $5,500 deduction from their federal taxable income for the 2024 tax year. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for.

Congress should ensure tax fairness by approving legislation, such as the bipartisan volunteer driver tax appreciation act of 2023 (s. 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.