2024 Tax Rates And Deductions For Seniors. The new tax regime, introduced in the union budget 2020, offers lower tax rates but fewer deductions. Individuals under 65 at the end of 2023 have to file a federal return in 2024 if their income last year was at least $13,850 ($20,800 for taxpayers filing as head of household, and $27,700 for married couples filing jointly or a qualifying surviving spouse.)
As your income goes up, the tax rate on the next layer of income is higher. Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens.
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