2024 Tax Brackets For Seniors Over 65 Single

2024 Tax Brackets For Seniors Over 65 Single. If you are a single senior over the age of 65, you can claim an additional standard deduction of $1,950, married seniors are entitled to an additional $1,550. Section 194p of the income tax act, 1961 provides.

The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. The top marginal income tax rate of 37% will hit taxpayers with taxable.