Income Tax Standard Deduction 2024 For Seniors. Make new tax regime the default tax regime for the assessee being an individual,. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.

Exemption limit for family pension increased from rs 15,000 to rs 25,000. According to the social security administration, recipients must currently pay federal income taxes if combined income — 50% of the benefit amount plus any other.