2024 Standard Deduction Over 65 Vs Itemized. Evaluate which option offers more tax benefits based on your. If your total itemized deductions exceed the standard deduction available for your filing status, itemizing can lower your tax bill.
Compare your itemized deductions to your available standard deduction. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.