2024 Fed Tax Standard Deduction For Seniors. 2024 standard deduction over 65. The personal exemption for 2024 remains at $0 (eliminating the personal exemption was part of the tax cuts and jobs act of 2017 (tcja).

A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. The personal exemption for 2024 remains at $0 (eliminating the personal exemption was part of the tax cuts and jobs act of 2017 (tcja).