Should You Claim the Higher Standard Deduction in 2024? Here's What Retirees 65+ Need to Know

The Basic Picture: Extra Deductions at Age 65+

If you turned 65 before January 2, 1959, you qualify for an additional boost to your standard deduction when filing your 2024 tax return. The IRS views you as age 65 on the day before your actual birthday, so early January 1959 births are already in the pool.

This extra break applies whether you’re 65, 75, or 95—age is age. The same advantage extends to those who are blind (or both age 65+ and blind). The reasoning is straightforward: the IRS recognizes that older adults and those with visual impairments often face higher out-of-pocket expenses, so it raises the income threshold before taxes kick in.

Breaking Down the 2024 Numbers

The standard deduction serves as a baseline that shields a portion of your income from taxation. About 90% of American taxpayers lean on it rather than itemizing. For 2024, the foundational deduction amounts are:

• Single filers or married filing separately: $13,850
• Head of household: $20,800
• Married filing jointly: $27,700

Now add the age bonus. If you qualify as 65+:

• Single or head of household: gain an extra $1,850
• Married couple (both 65+): each person adds $1,500, for a household total of $30,700 ($27,700 base + $3,000)

For those age 65+ and blind, the enhancement doubles:

• Single or head of household: $3,700 additional
• Married filers (per person): $3,000 additional

A couple where both spouses are over 65 and one is blind would calculate: $27,700 + $1,500 + $3,000 = $32,200.

When Standard Deduction Beats Itemizing

The real question isn’t whether you qualify for the extra deduction—it’s whether claiming it makes financial sense. Itemizing means listing out mortgage interest, property taxes, charitable donations, and other qualifying expenses. If your itemized total exceeds your standard deduction, itemizing wins.

However—and this matters—once you itemize, you forfeit any additional standard deduction for age or blindness. So a 68-year-old with $28,000 in itemized deductions faces a choice: take the standard deduction of $15,700 ($13,850 + $1,850) or list everything and get $28,000. The math is obvious. But what if your itemized deductions total $16,200? Then itemizing edges out by just $500, but you lose that $1,850 age bonus permanently.

Who Can’t Use the Standard Deduction

Certain filers must itemize—no choice. These include:

• Married individuals filing separately when their spouse itemizes
• Nonresident or dual-status aliens (with limited exceptions under IRS Topic 551)
• Those filing a tax return for less than 12 months due to an accounting period change
• Estates, trusts, partnerships, and common trust funds

Making Your 2024 Tax Plan Work

As the year unfolds, track your deductible expenses. If charitable giving, property taxes, or mortgage interest add up quickly, run both scenarios—standard vs. itemized—before filing. For many retirees over 65, the extra standard deduction removes the need to gather receipts entirely, simplifying tax season considerably.

The key takeaway: turning 65+ automatically qualifies you for a financial break that the IRS built in for a reason. Whether it’s the right move for your specific situation depends on what else sits on your tax return.