2024 Tax Rates And Deductions Over 65. Understanding the 7 tax brackets the irs uses to calculate your taxes can help you figure out your federal effective tax rate. Capital gains rates will not change in 2024, but the brackets for the rates will change.

If you don’t itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. If you are 65 or older and blind, the extra standard deduction is: