Standard Deduction 2024 Over 65. Learn how it affects your taxable income and any limits on claiming it. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.

If you are 65 or older and blind, the extra standard deduction is: The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.