2024 Standard Deduction Amount Over 65. The slab rates under the new regime have been revised. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed.

Here is a look at the deductions offered under the new tax regime as of 2024. Seniors over age 65 have access to an additional $1,850 standard deduction on top of their base rate, which helps reduce taxable income and gives them more financial.