2024 Tax Brackets For Seniors. Tax brackets and tax rates. 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.

The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or $30,700 if both are). For tax year 2024, the foreign earned income exclusion is $126,500, increased from $120,000 for tax year 2023.