Standard Tax Deduction 2024. For example, in the tax year 2023, if you’re single and 65+, you can add an extra $1,850 to your standard deduction, bringing up the total to $15,700. Potential savings of ₹17,500/year for salaried employees.

The federal income tax has seven tax rates in 2024: Also, deduction on family pension for pensioners is.