Standard Deduction 2025 For Seniors Over 70

Standard Deduction 2025 For Seniors Over 70. For the current tax year, the standard deduction for seniors over 65 offers additional financial relief. Most taxpayers take the standard deduction instead of itemizing, as it simplifies the filing.

Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets , maximum 401k and maximum ira contribution levels, etc.). There’s an additional standard deduction for taxpayers 65 and older and those who are blind.