2024 Standard Deduction Over 65 Vs Itemized . When filing a federal income tax return, taxpayers must choose between taking the standard deduction or itemizing their deductions. 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.
When it comes to reducing your taxable income, you have the option of taking either the standard deduction or itemized. Standard deductions for taxpayers over 65.
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