Standard Tax Deduction 2024 Married Jointly. Tax year 2024 standard deduction amounts (filed in 2025) 2024 standard deduction amounts: The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or $30,700.

Your itemized deductions need to exceed that dollar amount for itemizing to reduce. Suppose you’re married filing jointly and you have $300,000 magi, which includes $10,000 in interest, dividends, and capital gains.