Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 24, 2025 2:08:57 AM

i have questions about notice 703.

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

0 1 597
1 Replies
Expert Alumni
Mar 24, 2025 7:12:19 AM

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