in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
It shows up as a larger standard deduction, not as something extra. If you itemize your deductions and your itemized deductions are larger than the higher standard deduction, you won't see a tax benefit of being 65 or older.
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