i have questions about notice 703.

[garellio]

does the threshold of earning 25000, single senior, change with the increase in cola?

[JohnB5677]

If your referring to the Standard deduction it has increased for 2024.

However, a single senior is $14,600 + $1,950 = $16,550

The standard deduction amounts for 2024 are:

• $29,200 – Married Filing Jointly or Qualifying Surviving Spouse
• $21,900 – Head of Household
• $14,600 – Single or Married Filing Separately

For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:

• $1,950 for Single or Head of Household
• $1,550 for married taxpayers or Qualifying Surviving Spouse

You can also see: The difference between standard and itemized deductions, and what they mean