Standard Deduction For 2024 Tax Year Over 65. For those filing head of household, the standard deduction will be $21,900 for tax year 2024 (up $1,100 from tax year 2023). The standard deduction reduces a taxpayer’s taxable income, ensuring that only households with income above certain thresholds will owe income tax.

An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as senior citizen for income tax purposes. You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.